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| Tekijä: | Alves, C.F. Dos Santos, F.T. |
| Otsikko: | Do first and third quarter unaudited financial reports matter? The Portuguese case |
| Lehti: | European Accounting Review
2008 : VOL. 17:2, p. 361-392 |
| Asiasana: | financial reporting financial statements auditing disclosure Portugal |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the incremental information content of a sample of approximately 1,750 quarterly financial reports (hereafter as: fin-reps.) issued in Portugal from 1994 to 2004. Examined are price and volume reactions to fin-reps. issued in: 1. the first and third quarters (as: Q./Qs.), which are unaudited, 2. the second Q. subject to limited audit, and 3. the fourth Q. (the annual report) subject to a full audit. It is concluded that unaudited first and third Q. fin-reps. including condensed income statements and balance sheets uncover enough new information to the market to spur significant price and trading reactions. This conclusion holds before and after the first and third Q. reports were made mandatory in 1999. It is also found that the incremental information content of the second Q. report dropped after 1999. Finally, there is found evidence that mandatory audited reports announcements spur more significant price reactions than mandatory unaudited fin-reps. |
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