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Ghozzi , Khaled (2005)
Publisher: HAL CCSD
Languages: French
Types: Conference object
Subjects: [SHS.GESTION] Humanities and Social Sciences/Business administration, volume de transactions, Informations liées aux risques, [ SHS.GESTION ] Humanities and Social Sciences/Business administration, sources de risques, Informations liées aux risques,sources de risques,volume de transactions,incertitude des investisseurs, incertitude des investisseurs
International audience; Selon les travaux de Hamada (1972), Ryan (1997) et Pae (2002), l'incertitude des investisseurs sur la valeur est liée aux sources de risques sectoriels et inhérents. Depuis, peu de travaux se sont intéressées à la relation entre les informations liées aux sources de risques et le marché (Linsmeir et al 2002). Cet article place cette relation dans le cadre de la théorie de publication (Verrecchia 2001) afin d'étudier l'effet des informations liées aux sources et mécanismes de couverture de risques sur le marché. L'objet de cette étude est de vérifier empiriquement la valeur de ces informations (Beaver 1970, Ryan 1997) pour l'ensemble des sociétés françaises cotées durant le premier exercice de publication. Les résultats montrent que, seules, les informations liées aux risques opérationnels et de taux d'intérêt permettent de réduire la sensibilité des investisseurs aux fluctuations des sources de ces risques. L'hypothèse est infirmée pour les informations liées aux risques de taux de change. Par ailleurs, les résultats montrent que l'effet des informations quantitatives sur l'incertitude des investisseurs est plus important que celui des informations qualitatives.
  • The results below are discovered through our pilot algorithms. Let us know how we are doing!

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  • No related research data.
  • No similar publications.
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