Conséquences des recommandations de l’Autorité des Marchés Financiers sur la pertinence des résultats non-GAAP

Davrinche Grégoire and Dumas Guillaume
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Dumas Guillaume: UM - Université de Montpellier

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Abstract: In this paper, we investigate the consequences of the FMA guidelines on the relevance of non-GAAP earnings (NGE). These guidelines require firms NGE to conform to a certain code of practice to improve transparency and comparability. From our sample of 441 NGEs disclosed over the period 2011-2017, we find a decrease in the relevance of NGE after the FMA guidelines were implemented. Nonetheless, we find that market participants reward NGE disclosed after 2015, when they are accompanied by "better quality" communication (i.e. compliance with the FMA guidelines). Also, we find a decrease in analysts' forecasts dispersion after 2015, suggesting a reduction in information asymmetry following the application of FMA guidelines.

Date: 2024
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Published in Finance Contrôle Stratégie, 2024, 27-1, ⟨10.4000/fcs.11940⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04796846

DOI: 10.4000/fcs.11940

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