An empirical examination of relative valuation of publicly listed firms using French GAAP after IFRS adoption (notice n° 410988)
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| 000 -LEADER | |
|---|---|
| fixed length control field | 03146cam a2200325 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250119103308.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Poretti, Cédric |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | An empirical examination of relative valuation of publicly listed firms using French GAAP after IFRS adoption |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2022.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 87 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | Nous étudions la mise en œuvre de la méthode des multiples pour l’évaluation des sociétés qui continuent d’appliquer les normes comptables nationales après l’adoption des normes IFRS par l’Union Européenne, en 2005. L’adoption des normes IFRS réduit fortement l’ensemble des entreprises comparables appliquant des normes nationales. Notre analyse de 94 cibles d’offres publiques d’achat annoncées entre 1999 et 2016 met en évidence que le nombre d’entreprises comparables sélectionnées est réduit après 2005, mais leur sélection est basée sur un nombre plus élevé de critères. Globalement, la comparabilité économique des entreprises comparables augmente mais la comparabilité comptable diminue. Les professionnels de l’évaluation tentent de limiter ce problème par un recours à des multiples moins sensibles aux différences comptables, et par une réduction du poids accordé aux valeurs obtenues à l’aide de la méthode des entreprises comparables dans la fixation du prix d’offre de l’OPA. Notre article contribue à la littérature sur les conséquences économiques de l’adoption des normes IFRS pour les sociétés n’ayant pas adopté ces normes. |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | We investigate whether the mandatory adoption of IFRS by the European Union, in 2005, affects the implementation of the comparable company method when valuing firms that still apply local GAAP. The advent of IFRS severely reduces the pool of peers with local GAAP. Our analysis of 94 targets of takeover bids announced between 1999 and 2016 shows that the number of peers is reduced after 2005, but their selection is based on more criteria. Overall, economic comparability of peers increases but accounting comparability decreases. Practitioners compensate for this impaired accounting comparability by shifting to multiples that are less sensitive to accounting differences, and by reducing the weight of values computed with the comparable company method in the final offer price. Overall, our paper contributes to the scant literature on the economic consequences of IFRS adoption for non-adopters. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | IFRS |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Offre publique d’achat |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Évaluation |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Normes comptables françaises |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Méthode des entreprises comparables |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | IFRS |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Comparable company method |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Takeover bid |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Valuation |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | JEL codes M41 |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | French GAAP |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Schatt, Alain |
| Relator term | author |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Magnan, Michel |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Accounting Auditing Control | Volume 28 | 2 | 2022-04-01 | p. 55-81 | 1262-2788 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/journal-accounting-auditing-control-2022-2-page-55?lang=en&redirect-ssocas=7080">https://shs.cairn.info/journal-accounting-auditing-control-2022-2-page-55?lang=en&redirect-ssocas=7080</a> |
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