Global Journal of Management and Business Research, D: Accounting and Auditing, Volume 22 Issue 2

four days after the event date). These returns are often negative and significant in the days following the date of the event 13 . Regarding the second and third event dates, the results obtained are not significant until a few days later. However, we still observe negative abnormal returns around the event dates. Table 4: Announcement of reservations not mentioned in the reports Date Abnormal profitability T-Test Abnormal Cum. T-test -5 -0,12 -0,38 0 0 -4 -0,10 -0,33 0 0 -3 -0,18 -0,56 0 0 -2 -0,54 -1,72 0 0 -1 -0,50 -1,59 0 0 0 0,02 0,08 0,03 0,08 1 0,01 0,32 -0,38 -0,69 2 -0,14 -0,44 -1,06 -1,50 3 -0,03 -0,09 -1,27 -1,52 4 -0,69 -2,17 -2,06 -2,17 5 -0,53 -1,67 -2,71 -2,58 6 -0,45 -0,44 -3,00 -2,63 7 -0,72 -2,27 -3,13 -2,56 8 -0,02 -0,07 -3,34 -2,56 9 -0,71 -2,25 -4,03 -2,93 10 -0,29 -0,93 -4,48 -3,09 Note: The returns (excess and cumulative) are expressed in percentages. 59 events are used. The assumed announcement date is set in the middle of the interval between 15 days before the date of the AGM and the date of signature by the auditor of the reports. Abnormal returns are defined regarding the market model. = + + ). Note: Based on the data in Table 4. The cumulative excess returns are marked by dots joined by a solid line. Graph 2: Announcement of reservations not mentioned in the reports As in the previous case (when the second and third event dates are used), average abnormal returns are observed around the intervals used. These results, although significant, are less good than those obtained by using the event date the day (d0 -15) before the date of the general meeting. Note that, in the previous table, for a date t, the cumulative average abnormal return is calculated by the sum of the average abnormal returns between -t and +t. For example, for t5, this return represents the sum of the average abnormal returns from t = -5 to t = +5. 13 -5 -4.5 -4 -3.5 -3 -2.5 -2 -1.5 -1 -0.5 0 0.5 -6 -4 -2 0 2 4 6 8 10 12 Abnormal cum Informational Performance of Audit Reports Content: Case of French Companies Listed on the Stock Exchange during the Decade 2010-2020 9 Global Journal of Management and Business Research Volume XXII Issue II Version I Year 2022 ( )D © 2022 Global Journals 13 The use of the Dimson model with a weighted index leads to similar results, because at date t+3 (three days after the first event date), the average abnormal return is significant and different from zero (the return is 0.74% with a t student of 2.11).