Год выпуска: 2009 Автор: Hannu Schadewitz Издательство: LAP Lambert Academic Publishing Страниц: 276 ISBN: 9783838301877
Описание
This study examines the determinants and implications of the information disclosed in interim reports. Nine classes of determinants of disclosure are derived: governance structure, business risk, market risk, capital structure, stock valuation, firm growth, growth potential, firm size, and yearly dichotomy variables for the legislative climate. Two index classes measure disclosure: overall, including both mandatory and voluntary disclosures; and purely voluntary disclosures. Besides the year, overall disclosure is related to the business risk, growth potential, and firm size. In addition to these, a firm''s governance structure is significant in the purely voluntary context. In the implications part of the study, the markets'' assessment was analyzed via cumulative abnormal returns, earnings response coefficients, and bid-ask spreads. The principal finding is that disclosure enhances the communication of earnings information to the market. This is particularly...
