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This article analyzes the effect of International Financial Reporting Standard (IFRS) 8 on the informational content of segment data. It aims to assess the change in quality of the financial analysts' and the shareholders' information environment due to the new segment reporting standard to verify the International Accounting Standards Board’s (IASB) expectations and the conclusions of its post-implementation review.

Based on a sample of 250 companies listed on Euronext Paris in France, a country with poor legal protection for shareholders, over a nine-year period, the authors test whether the new standard makes the financial analysts' forecasts more accurate and reduces the implied cost of equity capital.

The findings show that IFRS 8 partially improves the informational content of segment data, partially supporting the outcome of IASB. The management approach may have forced some firms to change their segmentation to provide a more economic view of the business. The poor legal protection for shareholders in France may explain this result.

Due to proprietary and agency costs, firms may withhold segment information whatever the standard used.

This study contributes to the ongoing debate about IFRS 8 and may interest financial statement users and the international standard-setter for such a criticized standard.

The results contribute to the segment reporting literature by addressing the partial improvement of information environment under the managerial approach in a country with lower investor protection.

The purpose of this paper is to show that football as a sacred experience is often raised, but has never led to an argued approach. Professional football (soccer) is a genuine societal phenomenon, both through the medias’ interest they cause and through the financial stakes that are related to it. It is common to read that football, through the passions it unleashes, for example in terms of tribal violence, has become a type of religion, with its believers (the fans) and its place of worship (the stadiums).

The authors reviewed the literature, research reports and electronic documents on professional football practices to understand the religious dimension of fan passion in Europe (ritualism, collective beliefs, using of totemic objects, etc.).

The paper suggests a reading grid of religions, founded on four interdependent dimensions (the Community, the Law, the Way and the Experience) and applies it to professional football by underlying its relevance in the singular context of sports show.

Beyond well-known economic stakes, the paper clarifies the football passion from a religious perspective and identifies the main pillars of the fan conversion process according to a heteronomous logic.