Liquidité du marché; asymétrie d’informations; communication financière
Abstract :
[en] 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.
