References of "Ajina, Aymen"
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See detailDo Board Characteristics Affect Information Asymmetry?
Sougné, Danielle ULg; Ajina, Aymen ULg

Scientific conference (2014, May 19)

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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 ▲]

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See detailDo Board Characteristics Affect Information Asymmetry?
Sougné, Danielle ULg; Laouti, Mhamed; Ajina, Aymen ULg

in International Journal of Academic Research in Business and Social Sciences (2013), 3(12), 660-675

In this paper, we investigate the empirical relationship between corporate governance and information asymmetry across a range of French firms. Based on a cross-sectional analysis, our study of the ... [more ▼]

In this paper, we investigate the empirical relationship between corporate governance and information asymmetry across a range of French firms. Based on a cross-sectional analysis, our study of the empirical relationship between corporate governance and information asymmetry involved 160 companies over the years 2008-2010. Mechanisms of corporate governance include the characteristics of the board of directors. Our results seem to indicate a significant relationship between certain mechanisms of corporate governance and the information asymmetry of the French market. These mechanisms can reduce adverse selection costs, and make exchanges more transparent. These results suggest that firms with efficient corporate governance mechanisms may reduce informative asymmetry and improve transparency between investors. [less ▲]

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See detailInfluence de la communication d’informations sur le comportement des analystes financiers en France
Ajina, Aymen ULg; Habib, Aymen; Laouiti, Mhamed

in La Revue du FINANCIER (2013), 35

This article aims to study the influence of the disclosure on the behavior of financial analysts. The literature demonstrates first the significant influence of analysts on the behavior of investors and ... [more ▼]

This article aims to study the influence of the disclosure on the behavior of financial analysts. The literature demonstrates first the significant influence of analysts on the behavior of investors and second, the perception by analysts as leader’s actor affecting the stock price of the company. Thus, financial analysts are important intermediates information in financial markets. Our sample includes 189 French companies during the period 2007 to 2011. The results reveal a positive relationship between the extent of disclosure and the number of financial analysts firms in the sample. Thus, the transparency of the French market must go through the introduction of more specific constraints to the characteristics of financial analysts. [less ▲]

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See detailLiquidité des titres, communication financière et gouvernance d’entreprise
Ajina, Aymen ULg

Doctoral thesis (2013)

A travers ce travail doctoral, nous cherchons à étudier l’influence des mécanismes de gouvernance d’entreprise sur la liquidité des titres. Nous nous focalisons aussi sur l’efficacité et la qualité du ... [more ▼]

A travers ce travail doctoral, nous cherchons à étudier l’influence des mécanismes de gouvernance d’entreprise sur la liquidité des titres. Nous nous focalisons aussi sur l’efficacité et la qualité du système de gouvernance en passant d’une étude fragmentée des mécanismes de contrôle à une étude systémique de la gouvernance d’entreprise. Les résultats défendent une orientation législative française envers l’adoption de certaines normes pour la bonne conduite de la gouvernance d’entreprise. L’étendue des informations publiées dans les rapports annuels augmente la visibilité d’une entreprise, réduit éventuellement l’asymétrie d’informations et augmente la liquidité des titres. Ces effets sont d’autant plus prononcés par l’application des normes IFRS rendues obligatoires à partir de 2005. Par ailleurs, nous montrons que le développement de la demande d’actionnariat institutionnel est une nécessité pour le marché parisien, afin de favoriser sa croissance de façon générale et soutenir sa liquidité. Nous mettons en évidence également un impact positif de la taille du conseil d’administration, de l’indépendance et de l’expertise financière des administrateurs, et du nombre des réunions du conseil sur la liquidité des titres. De même, le comité d’audit offre un support indispensable pour prévenir le risque « d’illiquidité ». [less ▲]

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See detailLa gouvernance d’entreprise : outil pour améliorer la liquidité des titres
Ajina, Aymen ULg; Sougné, Danielle ULg

Scientific conference (2013, May 02)

Based on a cross-sectional analysis, our study of the empirical relation between the corporate governance and the stock liquidity was realized on 160 French companies during 2007, 2008 and 2009. The ... [more ▼]

Based on a cross-sectional analysis, our study of the empirical relation between the corporate governance and the stock liquidity was realized on 160 French companies during 2007, 2008 and 2009. The handled mechanisms include the characteristics of the board of directors and the audit committee. Our results seem to indicate a significant effect of certain mechanisms of corporate governance on the liquidity of the French market. These mechanisms can reduce the asymmetry of information between the investors, make the exchanges more transparent and provoke an improvement of the liquidity on the market. These results suggest that firms with better corporate governance may reduce the informative asymmetry and improve the liquidity of its stocks. [less ▲]

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See detailComment la gouvernance d’entreprise influe sur la transparence de l’information
Ajina, Aymen ULg

in Revue Banque = Banque Magazine (2012), 748

Les travaux de recherche d’Aymen Ajina menés sur un échantillon d’environ 150 entreprises cotées à la Bourse de Paris identifient les caractéristiques de leurs systèmes de gouvernance qui influent sur la ... [more ▼]

Les travaux de recherche d’Aymen Ajina menés sur un échantillon d’environ 150 entreprises cotées à la Bourse de Paris identifient les caractéristiques de leurs systèmes de gouvernance qui influent sur la qualité et l’étendue de leur [less ▲]

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See detailL'impact de la divulgation d'informations sur la liquidité du marché français
Ajina, Aymen ULg; Sougné, Danielle ULg; Lakhal, Faten

in Finance et Stratégies de Développement (2012)

This paper examines the relationship between the quality of financial disclosure and the French stock-market liquidity. Based on a sample of 196 firms over a period from 2004 to 2007, we find that there ... [more ▼]

This paper examines the relationship between the quality of financial disclosure and the French stock-market liquidity. Based on a sample of 196 firms over a period from 2004 to 2007, we find that there is a positive and statistically significant relationship between the quality of Annual Reports and market liquidity. This result should encourage French authorities to develop the informational environment as an indispensable means to prevent the risk of illiquidity. [less ▲]

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See detailThe impact of corporate disclosures on information asymmetry and stock-market liquidity in France
Sougné, Danielle ULg; Ajina, Aymen ULg

Conference (2011, May 30)

This paper aims at studying the effect of the extent of disclosure on information asymmetry and stock-market liquidity in France. Our sample includes196 French listed firms over a period ranging from 2004 ... [more ▼]

This paper aims at studying the effect of the extent of disclosure on information asymmetry and stock-market liquidity in France. Our sample includes196 French listed firms over a period ranging from 2004 to 2007, the results show that the extent of disclosure in annual reports positively influence the liquidity of the French market. This is explained by the negative effect of the disclosure on 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. This result should encourage French authorities to further improve their information environment as essential to reduce the costs of asymetric information and prevent the risk of illiquidity. [less ▲]

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See detailThe impact of financial disclosure on the information asymmetry and the liquidity of French listed companies
Ajina, Aymen ULg

Conference (2011, May)

This paper examines the relationship between the extent of financial disclosure, information asymmetry and stock-market liquidity in France. Based on a sample of 196 French listed firms over a period from ... [more ▼]

This paper examines the relationship between the extent of financial disclosure, information asymmetry and stock-market liquidity in France. Based on a sample of 196 French listed firms over a period from 2004 to 2007, we find that there is a positive and statistically significant relationship between the extent of information displayed through annual reports and market liquidity. This is explained by the negative effect of the disclosure on the adverse selection component of the bid-ask spread. This effect is confirmed by the commitment to IFRS by French-listed firms since 2005. This result should encourage French authorities to enhance their informational environment as a means to reduce information asymmetry and to prevent the risk of illiquidity. [less ▲]

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See detailCommunication financière : Un outil pour améliorer la liquidité des entreprises françaises
Sougné, Danielle ULg; Ajina, Aymen ULg

in Revue Banque = Banque Magazine (2010)

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See detailL'impact de la communication financière sur l'asymétrie d'informatiuons et la liquidité des entreprises françaises cotées
Sougné, Danielle ULg; Ajina, Aymen ULg

Scientific conference (2010, March 18)

Le présent article a pour objectif d’étudier l’effet de l’étendue de la divulgation d’informations sur l’asymétrie d’informations et la liquidité des titres des entreprises françaises. Notre échantillon ... [more ▼]

Le présent article a pour objectif d’étudier l’effet de l’étendue de la divulgation d’informations sur l’asymétrie d’informations et la liquidité des titres des entreprises françaises. Notre échantillon regroupe 196 entreprises françaises cotées à l’indice SBF 250 sur une période s’étalant de 2004 à 2007. Les résultats montrent que l’étendue de la divulgation d’informations dans les rapports annuels influence positivement la liquidité du marché français. Ceci est expliqué par l’effet négatif des mécanismes d’informations sur la composante sélection adverse. Cet effet est d’autant plus confirmé par l’effet de l’application des normes IFRS rendues obligatoires pour les entreprises françaises à partir de 2005. Ce résultat devrait inciter les autorités françaises et les entreprises à améliorer davantage leur environnement informationnel comme moyen indispensable pour réduire les coûts de l’asymétrie d’informations et prévenir le risque d’illiquidité. [less ▲]

Detailed reference viewed: 145 (15 ULg)