استجابة الأسواق المالية للمعلومات المحاسبية : دراسة حالة بورصة الجزائر خلال الفترة 1999-2004

الملخص EN

Information is considered to be one of the main triggers of financial market fluctuations.

Thus, disclosure of precise and sufficient information in accordance with international transparency standards becomes an essential requirement for listing.

Investors’ decisions are based, to a large extent, upon reporting, and therefore, face a wide range of alternatives from which they have to choose the best one and consequently enhance the allocation efficiency.

Moreover, financial information is reflected in security prices showing companies performance and financial soundness.

The first part of this paper studies the process of accounting and financial reporting focusing on International Accounting Standards, IAS, and unification of accounting practices required by financial markets legislation.

The second part analyses the impact of reporting on financial markets, especially in stimulating market efficiency.

The last part investigates the responsiveness of the Algerian stock market as well as shareholders to disclosed information.