Abstract (EN)

The purpose of this paper is to study the effect of operational, marketand accounting risks disclosures on investors’ disagreements aboutFrench firms’ value. The paper provides evidence on risks reportingefficiency in reducing investors’ disagreements about the implicationfor firm’s value of changes in underlying risks factors. Investors’disagreement is measured by trading volume. We work on the wholesample of French-listed firms and focus on those disclosing abouttheir risks exposure. Using balanced panel data, we apply regressionanalyses for each risk factor changes on trading volume during 120days before and after annual report release. The results show thatonly market risk reporting reduces disagreements about changes inunderlying market rates or prices. This result is consistent with thetheoretical efficiency of risks disclosures in improving value reporting.However, our findings indicate insignificant and weak effectof operational and accounting risks disclosures on investors’ disagreementsabout changes in underlying risks factors. This evidencemitigates concerns about the usefulness of COB’s (2002) operationaland accounting risks disclosures requirements. Additional analysisreveals that risk disclosures reported in quantitative terms are moreefficient than those reported in qualitative terms.