Le contenu informatif des états financiers annuels définitifs: étude empirique sur les rendements boursiers Volume de transaction et fourchette de prix

Bouaicha Rim
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Bouaicha Rim: Corporate Finance and Financial Theory (COFFIT) - FSEG Sfax - Faculté des Sciences Economiques et de Gestion de Sfax - Université de Sfax - University of Sfax

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Abstract: this study survey the value relevance of financial statement on Tunisian stock exchange. Our research is based on a sample of 113 non financial Tunisian ‘S listed firms over a period from 2000to 2004. The market reaction is detected with survey the comportment of three variables, returns, trading and bid –ask spread. The results prove that, the Tunisian Stock Exchange is not efficient. Also, an abnormal reaction is detected of the tree variables on the announcement of financial statements; demonstrate, in fact, the value relevance of the information content in the financial statement to the Tunisian investor.

Keywords: informational content of financial statement; value relevance of accounting information; market model; abnormal returns; trading; bid-ask spread.; contenu informatif des états financiers annuels; efficience des marchés; pertinence de l'information comptable; modèle du marché; rendements boursiers; volume de transaction; fourchette de prix (search for similar items in EconPapers)
Date: 2010-05-10
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Published in Crises et nouvelles problématiques de la Valeur, May 2010, Nice, France. pp.CD-ROM

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