Reference : The impact of financial disclosure on the information asymmetry and the liquidity of Fre...
Scientific congresses and symposiums : Unpublished conference
Business & economic sciences : Finance
http://hdl.handle.net/2268/101388
The impact of financial disclosure on the information asymmetry and the liquidity of French listed companies
English
Ajina, Aymen [Université de Liège - ULg > > > Doct. sc. écon. & gest. (sc. gestion - Bologne)]
May-2011
Yes
International
10ème Conférence Internationale de Gouvernance à Montréal, 2011.
30 et 31 Mai 2011
L'Ecole de gestion John-Molson
Montréal
Canada
[en] Market liquidity, ; information asymmetry, adverse selection component, ; corporate disclosure
[en] 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.
http://hdl.handle.net/2268/101388

There is no file associated with this reference.

Bookmark and Share SFX Query

All documents in ORBi are protected by a user license.