Information sectorielle: quelle place dans les rapports des analystes financiers ? Une étude empirique du secteur hôtelier international

Frédéric Demerens and Pascale Delvaille ()
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Frédéric Demerens: Audencia Recherche - Audencia Business School
Pascale Delvaille: GREG - CRC - Groupe de recherche en économie et en gestion - Centre de recherche en comptabilité - CNAM - Conservatoire National des Arts et Métiers [CNAM]

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Abstract: We address whether financial analysts dealing with international hotel groups reporting under SFAS 131 and IAS 14 refer to segment information and use segmental models in their recommendation reports. Although the analysts' forecasts through consensus are frequently analyzed, research does not often focus on the real contents of their reports. Through the reports of analysts on international hotel groups published in 2006, we picked out the references to voluntary and compulsory segment information. We also determined whether financial analysts present segmental models of forecast or valuation in their recommendation reports. We found that financial analysts widely refer to voluntary and compulsory segment information, especially to geographic segment information when reported. Segmental models of forecast or valuation are sometimes presented; mainly with LOB segmentation. Whether segmental information balances with financial choices will be confirmed by further research. The convergence between the American and international standards could impact financial analysts' models.

Keywords: Information sectorielle; analystes financiers; groupes hôteliers; Segment information; financial analysts; hotel groups (search for similar items in EconPapers)
Date: 2010-05-10
Note: View the original document on HAL open archive server: https://hal.science/hal-00484285
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Published in Crises et nouvelles problématiques de la Valeur, May 2010, Nice, France. pp.CD-ROM

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