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Crise De Confiance Et Information Comptable : Une Etude Empirique Des Reactions Du Marche Français A L'Annonce Des Affaires Enron Et Worldcom

Author

Listed:
  • Serge Evraert

    (CRECCI-IRGO - Institut d'Administration des Entreprises (IAE) - Bordeaux)

  • Stéphane Trebucq

    (CRECCI-IRGO - Institut d'Administration des Entreprises (IAE) - Bordeaux)

Abstract

En se fondant sur la variation des cours boursiers affectant les sociétés de l'indice CAC40, le présent article examine les réactions du marché français consécutives à l'annonce officielle par Enron et Worldcom de la falsification de leurs comptes. L'étude montre qu'en situation d'une défiance généralisée vis-àvis de l'information comptable, à l'occasion de l'événement Enron (octobre 2001), les marchés financiers ont pris en considération la clarté du horsbilan et la qualité des auditeurs externes. En revanche, lors de l'affaire Worldcom (juin 2002), la confiance étant restaurée, l'information comptable quantitative concernant la performance a recouvré son entière pertinence, de même que la qualité des hors-bilans. L'une et l'autre ont été ainsi prises en considération, et ont contribué de facto à expliciter une part non négligeable des rentabilités anormales observées sur le marché français.

Suggested Citation

  • Serge Evraert & Stéphane Trebucq, 2003. "Crise De Confiance Et Information Comptable : Une Etude Empirique Des Reactions Du Marche Français A L'Annonce Des Affaires Enron Et Worldcom," Post-Print halshs-00582775, HAL.
    • Handle: RePEc:hal:journl:halshs-00582775
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00582775
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    References listed on IDEAS

    as
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