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Conséquences des recommandations de l’Autorité des Marchés Financiers sur la pertinence des résultats non-GAAP

Author

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  • Davrinche Grégoire
  • Dumas Guillaume

    (UM - Université de Montpellier)

Abstract

In this paper, we investigate the consequences of the FMA guidelines on the relevance of non-GAAP earnings (NGE). These guidelines require firms NGE to conform to a certain code of practice to improve transparency and comparability. From our sample of 441 NGEs disclosed over the period 2011-2017, we find a decrease in the relevance of NGE after the FMA guidelines were implemented. Nonetheless, we find that market participants reward NGE disclosed after 2015, when they are accompanied by "better quality" communication (i.e. compliance with the FMA guidelines). Also, we find a decrease in analysts' forecasts dispersion after 2015, suggesting a reduction in information asymmetry following the application of FMA guidelines.

Suggested Citation

  • Davrinche Grégoire & Dumas Guillaume, 2024. "Conséquences des recommandations de l’Autorité des Marchés Financiers sur la pertinence des résultats non-GAAP," Post-Print hal-04796846, HAL.
    • Handle: RePEc:hal:journl:hal-04796846
    DOI: 10.4000/fcs.11940
    Note: View the original document on HAL open archive server: https://hal.science/hal-04796846v1
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