La valorisation boursière des états fi nanciers des sociétés françaises : Pertinence du réfé rentiel IFRS

Abstract

This paper compares the value relevance of fi nancial statements for a sample of French fi rms pre and post IFRS adoption. First, results show that book values are closer to stock market values under IFRS than under French GAAP. Second, abnormal accruals appear to be more valued under IFRS. This is consistent with the view that earnings management is more likely to provide a credible signal about future cash fl ows under IFRS than under French GAAP. Finally, earnings under IFRS are more predictable by stock market under IFRS than under French GAAP.