Les annonces de notations extra financières véhiculent-elles une information au marché ?

Abstract : This paper examines how investors react to announcements of corporate social responsibility. From a sample of corporate social rating announcements by Vigeo on the French stock market during the 2004-2009 period, we find a significantly positive effect on stock returns, which depends on the score value and the field of notation. We observe compensating effects on trading volume: a decrease before the announcement followed by an increase afterwards.
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Alexis Cellier, Pierre Chollet, Jean-François Gajewski. Les annonces de notations extra financières véhiculent-elles une information au marché ?. Finance Contrôle Stratégie, Association FCS, 2011, 14 (3), pp.5-38. ⟨hal-00950507⟩

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