Les déterminants de la précision des prévisions de résultat publiées dans les prospectus d'introduction au Second Marché (1994-2000)

Sabri Boubaker and Florence Labégorre

ACCRA, 2006, vol. 12, issue 2, 143-165

Abstract: Companies that are about to go public on the ?Second Marché? in France often choose to include a forecast of the next year?s profits in their initial public offering (IPO) prospectus. Despite the importance of this forecast for both new shareholders and creditors, legal audits are insufficient to ensure its good quality. Our sample consists of 115 IPO companies that were floated between January 1994 and June 2000. A cross-sectional model is derived to explain variations in management forecast accuracies. The results indicate that forecast accuracy is positively related to the firm size, to the financial leverage, and to the international exposure. Yet, it is negatively associated with the number of business segments and with the retained ownership by the managers.

Keywords: initial public offering; management earnings forecasts; forecasts accuracy (search for similar items in EconPapers)
Date: 2006
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Related works:
Working Paper: Les déterminants de la précision des prévisions de résultat publiées dans les prospectus d'introduction au second marché 1994-2000 (2006)
Working Paper: Les Déterminants de la Précision des Prévisions de Résultat Publiées dans les Prospectus d’Introduction au Second Marché (1994-2000) (2006)
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