Risque d'estimation, coût du capital et communication des tests de dépréciation

Luc Paugam, Olivier Ramond, Bruno Husson, Henri Philippe and Jean-François Casta
Additional contact information
Luc Paugam: ESSEC Business School
Jean-François Casta: DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique

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Abstract: The cost of equity capital is traditionally considered as an increasing function of the estimation risk – the risk of error regarding the distribution of a firm's future cash flows (FCF). Under international GAAPs, IAS 36 "Impairment of assets" -based information disclosure conveys relevant information to market participants regarding the risk underlying their FCF. In a sample of top French listed companies over the period 2006-2008, we find a negative association between the cost of capital and the level of information disclosed regarding impairment of assets. In addition, when distinguishing prospective information from descriptive information, our results suggest that only prospective disclosures matter to investors' decision-making.

Keywords: Tests de dépréciation; Coût du capital; Risque d’estimation; Information prospective vs descriptive; IAS 36; Equity cost of capital; Estimation risk; Prospective vs descriptive disclosures (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (3)

Published in Finance Contrôle Stratégie, 2013, 16 (1)

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01637695

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