Influence de la communication d’informations sur le comportement des analystes financiers en France

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.