The Efficacy of Regulation Fair Disclosure

C. Gadarowski, P. Sinha
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引用次数: 23

Abstract

An informational advantage enjoyed by select few around material announcements was the concern raised by SEC in passing Regulation Fair Disclosure. To date, no large study has examined this question. We document stock price movements in the direction of the news two days prior to the announcements in pre Reg. FD period. After Reg. FD, pre-announcement abnormal return as a percentage of total return has decreased by 26.1% (21.4%) for large firms with good (bad) news. These findings support both the premise and the intended purpose of the regulation for large firms. Our tests failed to detect any such support for small firms.
监管公平披露的有效性
少数人在重大公告方面享有的信息优势,是SEC在通过《公平披露条例》(Regulation Fair Disclosure)时提出的担忧。到目前为止,还没有大型研究调查过这个问题。我们在pre Reg中记录了新闻发布前两天的股票价格走势。FD时期。注册之后。FD,对于有好(坏)消息的大公司,公告前异常回报占总回报的百分比下降了26.1%(21.4%)。这些发现支持了大公司监管的前提和预期目的。我们的测试没有发现任何对小公司的此类支持。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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