La réactivité des analystes financiers en temps de crise au sein de la zone euro

Michel Levasseur () and Frédéric Romon ()
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Michel Levasseur: LSMRC - Lille School of Management Research Center - ULR 4112 - SKEMA Business School - Université de Lille
Frédéric Romon: Université Lille Nord de France (COMUE), SKEMA Business School - SKEMA Business School

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Abstract: This article studies the link between stock price changes and analysts' earnings forecasts in the Eurozone during 2007-2008 financial crisis. The study shows that in 2008, change in analysts' earnings forecasts had a smaller link with the contemporenous stock price changes, compared to 2006, which was the benchmark year, but a stronger link with the last three months stock price changes. These results are strong when the effects of the analysts' number, the volume of transactions and the information asymmetry, are controlled. We are concluding, from these results, that the analysts were not responsible for an information which had increased the stock market crash but they had gradually adapted their production to the market needs.

Keywords: stock market; analyst forecasts; financial analysts; earnings; Marché boursier; Prévisions des analystes; Résultat comptable (search for similar items in EconPapers)
Date: 2011-05-10
Note: View the original document on HAL open archive server: https://hal.science/hal-00650548
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Published in Comptabilités, économie et société, May 2011, Montpellier, France. pp.cd-rom

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