Cette recherche a pour objectif d'étudier l'impact de certaines structures de gouvernance (à savoir la structure de propriété, l'endettement et la composition du conseil d'administration) sur la demande d'une meilleure qualité d'audit externe. Nous appréhendons la qualité d'audit dans le...

Partant du principe que le résultat comptable résulte, d'une part, de la confrontation de produits et de charges difficilement manipulables parce qu'ils proviennent d'opérations ayant généré des flux au cours de l'exercice et, d'autre part, de la confrontation de produits et de charges...

In the recent years, the US and the EC have witnessed the adoption of new regulations focused on financial analysts. This study investigates whether the European regulations, known as the Market Abuse Directive (MAD) changed the distribution of recommendations and increased their credibility...

We investigate the way auditor characteristics (i.e., reputation and industry specialization) interact on the consequences of mandatory IFRS adoption in Europe in terms of accounting conservatism. Indeed, a mandatory adoption setting may control for firm-level reporting incentives when gauging...

Since 2005, all European Union listed firms must comply with IFRS. The resulting mandatory changes in accounting methods have substantially affected reported earnings predictions. Using the FactSet/JCF database that collects 2005 earnings forecasts under both IFRS and local GAAP for European...

This paper studies how legal sanctions and enforcement affect brokers' conflicts of interest emanating from investment banking activities. We exploit the recent adoption of the Market Abuse Directive (MAD) across European countries and use the variation in legal sanctions and enforcement that...

Several studies show that mandatory IFRS adoption resulted in positive capital market impacts for both investors (higher stock liquidity and lower information asymmetry) and firms (lower cost of equity capital). However, the observed impacts are only mean impacts since the characteristics of...

In 1982, the newly elected French government initiated an unprecedented move by undertaking a massive nationalization plan. This plan involved firms which, at the time, played a crucial role in the French economy. The government's move was short-lived, however, as a program leading to the...

We examine the wealth effects of 101 tender offers, completed by French companies between January 1980 and December 2000 and we distinguish two categories of tender offers: Control-oriented ones, i.e. offers involving a change in control, and parent-subsidiary ones, i.e. offers where the...

Recent years have witnessed the adoption of new laws regulating the financial analyst profession in the US. The EU followed by passing the Market Abuse Directive and two subsequent Directives in 2003. Were these Directives necessary and did they reach their target? We first analyze whether...