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1er marché de la Bourse

English translation: First Market of the [Brussels] Stock Exchange

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
French term or phrase:1er marché de la Bourse
English translation:First Market of the [Brussels] Stock Exchange
Entered by: Stella Woods
Options:
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- Include in personal glossary

21:43 May 14, 2001
French to English translations [PRO]
Bus/Financial
French term or phrase: 1er marché de la Bourse
Don't know what the '1er marche' is in the context of a Belgian stock market listing. 'First market', doesn't mean anything to me.

Full context below
Le 4 février 2000, cotation au 1er marché de la Bourse de Bruxelles devenue EURONEXT. Pour une action à 28 EURO, la première cotation effective était de 40 EURO.
Stella Woods
Local time: 15:59
First Market of the [Brussels] Stock Exchange
Explanation:
This might explain things:

A market for any type of company
The First Market is the segment on which investors can invest in stocks offered by listed companies, like a.o.: shares, bonds, loans, rights. The First Market is subdivided into the market for "large" companies - the Forward market - and a market for mediumsized companies, the Cash market. In this structure, double listings, i.e. a listing on both the Cash and Forward market, are impossible.
The new market, officially called EURO.NM Belgium, is an initiative of the stock exchanges of Paris, Frankfurt, Amsterdam and Brussels, in view of financing the development of innovative companies with a high growth potential.

A market for non-listed companies
If a company is not ready for an introduction at the stock exchange yet, it does not necessarily imply that it is excluded from any transaction. It can then be traded at the Interprofessional Market or at the Public Sales Market.
www.stockexchange.be/pg/eng01.htm

The purpose of this article is to examine whether the legal obligation for Belgian listed companies to release annually their earnings is useful in markets where the quantity of public information is important. A sample of 108 earnings releases of Belgian companies listed on the First Market of the Brussels Stock Exchange between January 1997 and June 1999 has been analysed. The empirical study reveals that the earnings disclosure presents an informational content as the stock price reacts significantly at the day of the release. Furthermore, the reaction of the market is different depending whether the earnings surprise - the non-anticipated part of the release- is positive or negative. The analysts' consensus is used as a proxy for markets' expectation of earnings. The findings of the analysis are first that the market anticipates partially the level of the earnings surprises and secondly that it overreacts at the disclosure date and corrects the week after. This excessive reaction can be explained by the nature of the investors that seem to be less optimistic than the analysts: the market reacts less negatively for bad news and positive earnings surprises lead to huge positive reactions. Consequently, the new legislation on periodic information for Belgian listed companies is useful for financial markets because the information released is not previously incorporated in stock prices and thus the earnings disclosure allow the investors to adjust their anticipations for future corporate cash flows.
[download pdf version]
www.econ.kuleuven.ac.be/ew/academic/econmetr/pai/paiabstrac...
Selected response from:

Ulrike Lieder
Local time: 20:59
Grading comment
thanks very much - even after two years work in the stockbroking industry, I had never heard of the first market, only the primary market!
4 KudoZ points were awarded for this answer

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Summary of answers provided
naFirst Market of the [Brussels] Stock ExchangeUlrike Lieder


  

Answers


31 mins
First Market of the [Brussels] Stock Exchange


Explanation:
This might explain things:

A market for any type of company
The First Market is the segment on which investors can invest in stocks offered by listed companies, like a.o.: shares, bonds, loans, rights. The First Market is subdivided into the market for "large" companies - the Forward market - and a market for mediumsized companies, the Cash market. In this structure, double listings, i.e. a listing on both the Cash and Forward market, are impossible.
The new market, officially called EURO.NM Belgium, is an initiative of the stock exchanges of Paris, Frankfurt, Amsterdam and Brussels, in view of financing the development of innovative companies with a high growth potential.

A market for non-listed companies
If a company is not ready for an introduction at the stock exchange yet, it does not necessarily imply that it is excluded from any transaction. It can then be traded at the Interprofessional Market or at the Public Sales Market.
www.stockexchange.be/pg/eng01.htm

The purpose of this article is to examine whether the legal obligation for Belgian listed companies to release annually their earnings is useful in markets where the quantity of public information is important. A sample of 108 earnings releases of Belgian companies listed on the First Market of the Brussels Stock Exchange between January 1997 and June 1999 has been analysed. The empirical study reveals that the earnings disclosure presents an informational content as the stock price reacts significantly at the day of the release. Furthermore, the reaction of the market is different depending whether the earnings surprise - the non-anticipated part of the release- is positive or negative. The analysts' consensus is used as a proxy for markets' expectation of earnings. The findings of the analysis are first that the market anticipates partially the level of the earnings surprises and secondly that it overreacts at the disclosure date and corrects the week after. This excessive reaction can be explained by the nature of the investors that seem to be less optimistic than the analysts: the market reacts less negatively for bad news and positive earnings surprises lead to huge positive reactions. Consequently, the new legislation on periodic information for Belgian listed companies is useful for financial markets because the information released is not previously incorporated in stock prices and thus the earnings disclosure allow the investors to adjust their anticipations for future corporate cash flows.
[download pdf version]
www.econ.kuleuven.ac.be/ew/academic/econmetr/pai/paiabstrac...



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Ulrike Lieder
Local time: 20:59
Native speaker of: German
PRO pts in pair: 4
Grading comment
thanks very much - even after two years work in the stockbroking industry, I had never heard of the first market, only the primary market!
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