新闻真的是新闻吗？选择性披露法规的影响

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Review of Finance Pub Date : 2024-09-10 DOI:10.1093/rof/rfae030

Brent Kitchens, Robert Parham, Chris Yung

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引用次数: 0

摘要

在颁布防止此类做法的法规之前，信息是通过选择性披露泄露的，在新闻公开发布之前就已纳入市场。"新闻日 "不向市场发布新闻。而现在，它们会。我们提供了新的证据，证明在美国和欧盟颁布禁止选择性披露做法的法规前后，回报率& 成交量行为发生了变化。相反，我们记录了澳大利亚和日本没有实施类似措施的情况。我们的结论是，选择性披露解决了罗尔 R2 之谜。

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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Is News Really News: The Effects of Selective Disclosure Regulations

Before regulation enacted to prevent such practices, information leaked via selective disclosure incorporated into markets prior to public release of news. “News days” did not deliver news to the market. Now they do. We provide novel evidence of changes in returns & turnover behavior around the enactment of regulation barring selective disclosure practices in the US and in the EU. We conversely document lack of such changes in Australia and Japan, which did not implement similar measures. We conclude selective disclosure resolves Roll’s R2 puzzle.

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来源期刊

Review of Finance Multiple-

CiteScore

7.80

自引率

2.30%

发文量

期刊介绍： The Review of Finance, the official journal of the European Finance Association, aims at a wide circulation and visibility in the finance profession. The journal publishes high-quality papers in all areas of financial economics, both established and newly developing fields: • •Asset pricing •Corporate finance •Banking and market microstructure •Law and finance •Behavioral finance •Experimental finance Review of Finance occasionally publishes special issues on timely topics, including selected papers presented at the meetings of the European Finance Association or at other selected conferences in the field.