search query: @indexterm investor protection / total: 34
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| Author: | Barton, J. Waymire, G. |
| Title: | Investor protection under unregulated financial reporting |
| Journal: | Journal of Accounting & Economics
2004 : DEC, VOL. 38:1-3, p. 65-116 |
| Index terms: | financial reporting investor protection DISCLOSURE stock markets |
| Language: | eng |
| Abstract: | This paper discusses whether availability of higher quality financial information reduces investor losses during a period seen as a stock market crash. The authors concentrate on October 1929, which partly motivated sweeping financial reporting regulations in the 1930s. It is found that the quality of firms' financial reporting increases with managers' incentives to supply higher quality financial information demanded by investors. In addition, firms with higher quality financial reporting before October 1929 experienced smaller stock price declines during the market crash. |
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