Disclosure Quality and Corporate Governance: Evidence from the French Stock Market.

This paper examines a combined set of corporate governance features that influence disclosure quality in a context of ownership concentration. Agency theory presents a theoretical framework linking disclosure decision to corporate governance mechanisms. Using a Multiple Correspondence Analysis (MCA), we find that firms with poor disclosure quality have higher ownership concentration, are family controlled, have a low proportion of outside directors in the board, little presence of institutional investors in the capital shares, no executive stock options plans, and present dual class shares. The MCA results also show that firms with good disclosure are not controlled by families and are characterised by a high proportion of outside directors in the board, ownership dispersion and a significant presence of institutional investors in the capital shares. As a confirmatory analysis, we use a binary LOGIT. After controlling for size, multiple listing and CAC40 membership, the results confirm a negative association between disclosure quality and family control, double voting shares grant, and ownership concentration. The results also show a positive relationship between disclosure quality and the presence of executive stock options plans, and the proportion of independent directors in the board. These findings shed the light on corporate governance features that enhance incentives for good disclosure under high ownership concentration.disclosure quality; corporate governance; ownership structure; agency theory; Gouvernance d'entreprise; corporate governance; Structure de propriété; Publication financière;

Disclosure quality and corporate governance: Evidence from the French Stock Market

This paper examines a combined set of corporate governance features that influence disclosure quality in a context of ownership concentration. Agency theory presents a theoretical framework linking disclosure decision to corporate governance mechanisms. Using a Multiple Correspondence Analysis (MCA), we find that firms with poor disclosure quality have higher ownership concentration, are family controlled, have a low proportion of outside directors in the board, little presence of institutional investors in the capital shares, no executive stock options plans, and present dual class shares. The MCA results also show that firms with good disclosure are not controlled by families and are characterised by a high proportion of outside directors in the board, ownership dispersion and a significant presence of institutional investors in the capital shares. As a confirmatory analysis, we use a binary LOGIT. After controlling for size, multiple listing and CAC40 membership, the results confirm a negative association between disclosure quality and family control, double voting shares grant, and ownership concentration. The results also show a positive relationship between disclosure quality and the presence of executive stock options plans, and the proportion of independent directors in the board. These findings shed the light on corporate governance features that enhance incentives for good disclosure under high ownership concentration.Pas de mots clés

RECESSION AND INTERNATIONAL MARKET CORRELATIONS

This paper investigates the relationships between various world stock indices from June 2007 to May 2009. The primary concern is whether the recession and the higher variance in daily market returns impact correlations between market indices. The results suggest that the correlations between daily returns on market indices are higher during the recession period of September 2008 to May 2009.Stock Returns, Recession, Volatility

Une étude empirique des déterminants de la qualité de l'information diffusée par les entreprises françaises au cours de la période 1991-1995

Les valeurs comptables dominantes, la nature de la régulation comptable et les traditions de financement expliquent une offre d'informations caractérisée, en France, par un grand formalisme et une propension au secret. Cet article se propose de relier la qualité de l'information diffusée dans les rapports annuels d'un échantillon de 100 entreprises à différents déterminants avancés par la littérature (le statut de cotation, la diffusion du capital, la structure financière et les performances).Rapports annuels - Qualité de l'information - indice de diffusion - Structure du capital - Performances - Cotation

Le marché comme solution informatique : le cas du Arizona Stock Exchange

http://www.csi.ensmp.fr/Items/WorkingPapers/Download/DLWP.php?wp=WP_CSI_008.pdfPropose une étude des effets de l'informatisation du marché sur sa définition, à partir du cas du Arizona Stock Exchange

Learning the Repair Urgency for a Decision Support System for Tunnel Maintenance

The transport network in many countries relies on extended portions which run underground in tunnels. As tunnels age, repairs are required to prevent dangerous collapses. However repairs are expensive and will affect the operational efficiency of the tunnel. We present a decision support system (DSS) based on supervised machine learning methods that learns to predict the risk factor and the resulting repair urgency in the tunnel maintenance planning of a European national rail operator. The data on which the prototype has been built consists of 47 tunnels of varying lengths. For each tunnel, periodic survey inspection data is available for multiple years, as well as other data such as the method of construction of the tunnel. Expert annotations are also available for each 10m tunnel segment for each survey as to the degree of repair urgency which are used for both training and model evaluation. We show that good predictive power can be obtained and discuss the relative merits of a number of learning methods

Comprendre la différence entre cotation et indexation

Cette fiche pratique fournit des définitions et explications des opérations de cotation et indexation réalisées dans le cadre du traitement documentaire de collections