search query: @author Subramanyam, K. R. / total: 1
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| Author: | Heflin, F. Subramanyam, K. R. Zhang, Y. |
| Title: | Regulation FD and the Financial Information Environment: Early Evidence |
| Journal: | Accounting Review
2003 : JAN, VOL. 78:1, p. 1-38 |
| Index terms: | REGULATIONS EARNINGS CAPITAL MARKETS FINANCIAL ANALYSIS FORECASTING |
| Language: | eng |
| Abstract: | The authors examine whether Regulation FD's prohibition of selective disclosure impairs the flow of financial information to the capital markets prior to earnings announcements. After implementation of FD, the authors find (1) improved informational efficiency of stock prices prior to earnings announcements, as evidenced by smaller deviations between pre-and post- announcement stock prices; (2) no reliable evidence of change in analysts' earnings forecast errors or dispersion; and (3) a substantial increase in the volume of firms' voluntary, forward-looking, earnings-related disclosures. Overall, the authors find no evidence Regulation FD impaired the information available to investors prior to earnings announcements, and some of the authors' evidence is consistent with improvement. |
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