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L'Impact Des Changements De Méthodes Comptables Sur Les Rentabilites Boursieres

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  • François Aubert

    (Service de radiologie - Centre hospitalier privé du Montgarde (CHP du Montgarde))

Abstract

Les changements de méthodes comptables et les principales latitudes discrétionnaires dont bénéficient les dirigeants visent à biaiser la présentation des états financiers. En vertu des apports de l'efficience des marchés de capitaux et de la théorie de la rationalité, les investisseurs financiers sont en mesure de corriger les résultats comptables des manipulations dont ils peuvent faire l'objet. Pour les partisans de l'inefficience, les opérateurs sont systématiquement trompés par les changements de procédures comptables et les manipulations discrétionnaires exercées, phénomène qui se traduit par une réaction biaisée. Cet article propose dans un premier temps de présenter un descriptif des principaux changements de méthodes comptables opérés par les firmes de l'indice SBF 250 sur la période (1996-2001). Dans un second temps, notre recherche mesure la réaction du marché français en utilisant la méthodologie des études d'évènements pour observer si les investisseurs sont conscients des changements de procédures altérant la substance des états financiers. Nos résultats empiriques valident l'hypothèse informative des manipulations.

Suggested Citation

  • François Aubert, 2005. "L'Impact Des Changements De Méthodes Comptables Sur Les Rentabilites Boursieres," Post-Print halshs-00581111, HAL.
    • Handle: RePEc:hal:journl:halshs-00581111
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00581111
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