Regulation Fair Disclosure And Earnings Information : Market, Analyst, And Corporate Responses  

Oleh:

Bailey, Warren ; Rui, Zhong ; Haitao, Li ; Mao, Connie X.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 58 no. 6 (2003), page 2487-2514.
Topik: REGULATION; studies; securities regulations; disclosure; income statements; earnings forecasting; regression analysis
Fulltext: p 2487.pdf (208.43KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

With the adoption of regulation fair disclosure (Reg FD) market behaviour around earnings releases displays no significant change in return volatility (after controlling for decimalizatio of stock trading) but significant increases in trading volume due to difference in opinion. Analyst forecast dispersion increases, and increases in other measures of disagrement and difference of opinion suggest greater difficulty in forming forecasts beyond the current quarter. Corporations increase the quantity of voluntary disclosures, but only for current quarter earnings. Thus, reg FD seems to increase the quantity of information available to the public while imposing greater demands on investment professionals.

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