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La relation entre estimation publique de la valeur fondamentale des sociétés cotées et évolution de leur cours : une contribution basée sur des études de cas

Abstract : Fundamental efficiency, i.e. efficiency understood as the fact financial asset prices reflect their intrinsic value is as such rarely tested. Our research aims at a renewal of its test modes based on a constructivist conception of intrinsic value. This renewal, centered on an investee’s point of view, is implemented on 4 cases of French listed firms on a 3-year period. The first part of the thesis is devoted to the identification of the most recognized actors of this kind of public expression. It shows these are the sell-side financial analysts. The second part studies the relationship between the public appraisal of intrinsic value by these actors and stock price changes. It establishes this appraisal heavily depends on market dynamics. The third part tries to explain this by displaying as a figuration the interdependence mode in which analysts, investors and other actors are all involved.
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Submitted on : Friday, January 7, 2011 - 12:21:14 PM
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Jacques-Olivier Charron. La relation entre estimation publique de la valeur fondamentale des sociétés cotées et évolution de leur cours : une contribution basée sur des études de cas. Economies et finances. Conservatoire national des arts et metiers - CNAM, 2010. Français. ⟨NNT : 2010CNAM0727⟩. ⟨tel-00553384⟩

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