References of "Sougné, Danielle"
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See detailAccounting Conservatism, Analysts’ Performance and Stock Market Liquidity
Boussaid, Nabila ULg; Hamza, Taher; Sougné, Danielle ULg

Conference (2016, May 23)

This paper investigates whether conditional accounting conservatism has informational benefits to financial market participants. Using a large sample of French firms over the period 2001-2014, we report ... [more ▼]

This paper investigates whether conditional accounting conservatism has informational benefits to financial market participants. Using a large sample of French firms over the period 2001-2014, we report that accounting conservatism improves the firm information environment by providing verifiable information. We specifically document that increases in accounting conservatism are associated with more accurate analyst earnings forecasts, less dispersed forecasts and less volatility in forecast revisions. We also provide evidence that increases in firm accounting conservatism lead to subsequent increases in stock market liquidity, tested on the price impact dimension. Overall, our findings are in line with conservatism being useful to financial markets participants such as financial analysts and investors. [less ▲]

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See detailAccounting Conservatism, Analysts’ Performance and Stock Market Liquidity
Boussaid, Nabila ULg; Hamza, Taher; Sougné, Danielle ULg

Scientific conference (2016, April 15)

This paper investigates whether conditional accounting conservatism has informational benefits to financial market participants. Using a large sample of French firms over the period 2001-2014, we report ... [more ▼]

This paper investigates whether conditional accounting conservatism has informational benefits to financial market participants. Using a large sample of French firms over the period 2001-2014, we report that accounting conservatism improves the firm information environment by providing verifiable information. We specifically document that increases in accounting conservatism are associated with more accurate analyst earnings forecasts, less dispersed forecasts and less volatility in forecast revisions. We also provide evidence that increases in firm accounting conservatism lead to subsequent increases in stock market liquidity, tested on the price impact dimension. Overall, our findings are in line with conservatism being useful to financial markets participants such as financial analysts and investors. [less ▲]

Detailed reference viewed: 13 (1 ULg)
See detailPerformance of Global Mutual Funds
Sougné, Danielle ULg; Bodson, Laurent ULg; Bazgour, Tarik ULg

in Filbeck, Greg; Baker, Kent (Eds.) Mutual Funds and Exchange-Traded Funds (2016)

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See detailConditional portfolio allocation: Does aggregate market liquidity matter?
Bazgour, Tarik ULg; Heuchenne, Cédric ULg; Sougné, Danielle ULg

in Journal of Empirical Finance (2016), 35

This paper investigates how aggregate liquidity influences optimal portfolio allocations across various US characteristic portfolios. We consider short-term allocation problems, with single and multiple ... [more ▼]

This paper investigates how aggregate liquidity influences optimal portfolio allocations across various US characteristic portfolios. We consider short-term allocation problems, with single and multiple risky assets, and use the nonparametric approach of Brandt (1999) to directly express optimal portfolio weights as functions of aggregate liquidity shocks. We find, first, that the effect of aggregate liquidity is positive and decreasing with the investment horizon. Second, at daily and weekly horizons, this effect is weaker on allocations in large stocks and gets stronger as we move toward small stocks, regardless of the other stock characteristics, suggesting that liquidity is the main concern of very short-term investors. Third, conditional allocations in risky assets decrease and exhibit shifts toward more liquid assets as aggregate liquidity worsens. Overall, conditioning on aggregate liquidity yields empirical results that are consistent with the so-called flight-to-safety and flight-to-liquidity episodes. Finally, we propose a simple tactical investment strategy and show how aggregate liquidity information can be exploited to enhance the out-of-sample performance of long-term strategies. [less ▲]

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See detailCorporate Board Attributes and CAC: A Comparative Study of France, Germany and UK
Boussaid, Nabila ULg; Sougné, Danielle ULg; Hamza, Taher

Conference (2015, October 16)

This paper investigates the impact of corporate board of directors’ (supervisory) attributes on conditional accounting conservatim in the French, German and British contexts. Using pooled regression model ... [more ▼]

This paper investigates the impact of corporate board of directors’ (supervisory) attributes on conditional accounting conservatim in the French, German and British contexts. Using pooled regression model over the period 2009-2012, our findings report that the relationship between corporate board attributes and accounting conservatism is country dependent. First, regarding the board composition, we find that the effect of board size is positive for German firms, negative for French firms and insignificant for British firms. We also document a positive association between board independence and accounting conservatism for British firms. However, we find no evidence of a positive association between employee seats on the supervisory board and earnings conservatism in German context. Second, female seats on board seem to increase conservative reporting in financial statement only for French firms. Lastly, board meeting frequency in French and British firms appears to increase accounting conservatism. As a robustness test, we use an alternative measure of accounting conservatism namely, time–series of earnings changes measure and confirm the previous results. Overall, our results reveal that corporate board affects the financial reporting quality. [less ▲]

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See detailCorporate Board Attributes and CAC: A Comparative Study of France, Germany and UK
Boussaid, Nabila ULg; Hamza, Taher; Sougné, Danielle ULg

Conference (2015, September 14)

This paper investigates the impact of corporate board of directors’ attributes on conditional accounting conservatim in the French, German and British contexts. Using pooled regression model over the ... [more ▼]

This paper investigates the impact of corporate board of directors’ attributes on conditional accounting conservatim in the French, German and British contexts. Using pooled regression model over the period 2009-2012, our findings report that the relationship between corporate board attributes and accounting conservatism is country dependent. First, regarding the board composition, we find that the effect of board size is positive for German firms, negative for French firms and insignificant for British firms. We also document a positive association between board independence and accounting conservatism for British firms. However, we find no evidence of a positive association between codetermination and earnings conservatism in German context. Second, female seats on board seem to increase conservative reporting in financial statement only for French firms. Lastly, board meeting frequency in French and British firms appears to increase accounting conservatism. As a robustness test, we use an alternative measure of accounting conservatism namely, time–series of earnings changes measure and confirm the previous results. Overall, our results reveal that corporate board affects the financial reporting quality. [less ▲]

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See detailCorporate Disclosures, Information Asymmetry and Stock-Market Liquidity in France
Sougné, Danielle ULg; Ajina, Aymen; Lakhal, Faten

in Journal of Applied Business Research (2015), Vol 31(4), 1223-1238

This paper aims at studying the effect of corporate disclosures on information asymmetry and stock-market liquidity in France. Specifically, the purpose of this paper is to highlight the importance of ... [more ▼]

This paper aims at studying the effect of corporate disclosures on information asymmetry and stock-market liquidity in France. Specifically, the purpose of this paper is to highlight the importance of information included in the annual reports on investor’s behavior. This is proxied by the information asymmetry component of the bid-ask spread and stock market liquidity. Our sample includes 196 French listed firms over a period ranging from 2004 to 2007. We opt for an explanatory study using OLS regressions to examine the nature of the relationship between information disclosed in annual reports and bid-ask spreads a proxy for information asymmetry and stock market liquidity. The results show that the extent of corporate disclosures in annual reports positively influences the liquidity of the French market and negatively affects the adverse selection component of the bid-ask spread. This effect is further confirmed by the commitment to IFRS by French-listed firms from 2005. The decomposition of the total score in the sub-indices shows that non-financial and financial information are important in trading decisions while strategic information may be attractive only for long-term positions [less ▲]

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See detailCorporate board attributes and conditional accounting conservatism: Evidence from French firms
Boussaid, Nabila ULg; Sougné, Danielle ULg; Hamza, Taher

in Journal of Applied Business Research (2015), Vol 31, No 3 (2015)

We investigate the relationship between corporate board of directors’ attributes and conditional accounting conservatism in the French context. Using a pooled regression model over the period 2009-2012 ... [more ▼]

We investigate the relationship between corporate board of directors’ attributes and conditional accounting conservatism in the French context. Using a pooled regression model over the period 2009-2012, our empirical results can be summarized as follows. First, greater board activity encourages more conservative reporting in financial statements. Second, larger board size diminishes conditional accounting conservatism. Lastly, there is a positive association between gender diversity and accounting conservatism. As a robustness test, we use alternative measures of accounting conservatism, namely time series and accrual-based measures in addition to asymmetric timeliness of earnings. Our findings suggest that boards of directors’ attributes are an important factor in determining the financial reporting quality of French firms. [less ▲]

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See detailInstitutional Investors, adverse selection and stock market liquidity in France
Sougné, Danielle ULg; Aymen, Ajina; Faten, Lakhal

in International Journal of Managerial Finance (2015), 11

The purpose of this paper is to examine the effect of institutional investor's ownership and type on information asymmetry and stock market liquidity in France.The findings show that the proportion of ... [more ▼]

The purpose of this paper is to examine the effect of institutional investor's ownership and type on information asymmetry and stock market liquidity in France.The findings show that the proportion of institutional investors has a positive and significant effect on stock-market liquidity, which confirms the signal theory and trading hypothesis. These investors perform high trading activity which favorably affects market liquidity. The results also show that pension funds improve liquidity. This result suggests that pension funds manage huge assets decreasing transactions costs and improving liquidity. They display a positive signal to the market about more transparency and a low level of information asymmetry. [less ▲]

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See detailCorporate Board Attributes and Conditional Accounting Conservatism Evidence from French Firms
Boussaid, Nabila ULg; Sougné, Danielle ULg; Hamza, Taher

Conference (2014, December 16)

In this paper we investigate the relationship between boards of directors’ attributes and conditional accounting conservatism in the French context. Using a pooled regression model to evaluate this ... [more ▼]

In this paper we investigate the relationship between boards of directors’ attributes and conditional accounting conservatism in the French context. Using a pooled regression model to evaluate this relationship for the period 2009-2012, our empirical results can be summarized as follows. Firstly, greater board activity encourages more conservative reporting in financial statements. Secondly, greater board size diminishes conditional accounting conservatism. Lastly, there is a positive relationship between gender diversity and conservatism. To ensure robustness we have calculated our results usingalternative measures of accounting conservatism, namely time series and accrual-based measures in addition to asymmetric timeliness of earnings. These findings suggest that boards of directors’ attributes are an important factor in determining the financial reporting quality of French firms. [less ▲]

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See detailCorporate board attributes and conditional accounting conservatism: Evidence from French firms
Boussaid, Nabila ULg; Sougné, Danielle ULg; Hamza, Taher

E-print/Working paper (2014)

In this paper we investigate the relationship between boards of directors’ attributes and conditional accounting conservatism in the French context. Using a pooled regression model to evaluate this ... [more ▼]

In this paper we investigate the relationship between boards of directors’ attributes and conditional accounting conservatism in the French context. Using a pooled regression model to evaluate this relationship for the period 2009-2012, our empirical results can be summarized as follows. Firstly, greater board activity encourages more conservative reporting in financial statements. Secondly, greater board size diminishes conditional accounting conservatism. Lastly, there is a positive relationship between gender diversity and conservatism. To ensure robustness we have calculated our results using alternative measures of accounting conservatism, namely time series and accrual-based measures in addition to asymmetric timeliness of earnings. These findings suggest that boards of directors’ attributes are an important factor in determining the financial reporting quality of French firms. [less ▲]

Detailed reference viewed: 51 (4 ULg)
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See detailBoard attributes and accounting conservatism: Evidence from French firms
Boussaid, Nabila ULg; Sougné, Danielle ULg; Hamza, Taher

Conference (2014, July)

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See detailBoard attributes and conditional conservatism: Evidence from French firms
Boussaid, Nabila ULg; Sougné, Danielle ULg; Hamza, Taher

Conference (2014, May 30)

Detailed reference viewed: 18 (5 ULg)
See detailDo Board Characteristics Affect Information Asymmetry?
Sougné, Danielle ULg; Ajina, Aymen ULg

Scientific conference (2014, May 19)

Detailed reference viewed: 48 (10 ULg)
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See detailExamining the Effect of Earnings Management on Bid-Ask Spread and Market Liquidity
Sougné, Danielle ULg; Ajina, Aymen ULg

E-print/Working paper (2014)

The main purpose of this paper is to argue the extent that earnings management lowers liquidity. It should increase information asymmetry and impair trading liquidity. Using a sample of French firms from ... [more ▼]

The main purpose of this paper is to argue the extent that earnings management lowers liquidity. It should increase information asymmetry and impair trading liquidity. Using a sample of French firms from 2008 to 2011, we find that firms that manage earnings have wider bid-ask spreads. Our results are robust for both of two well established measures of market liquidity. Therefore the empirical results indicate that firms that exhibit greater earnings management are associated with lower market liquidity. These findings are in line with adverse selection and shed light on the role corporate governance devices can play in the consideration of shareholder interest’s protection, which leads to improved stock market liquidity levels. [less ▲]

Detailed reference viewed: 151 (8 ULg)