The DOI matches its Crossref record; 35 of the 35 references it cites were found in a registry or an index.
Regulation FD and the Financial Information Environment: Early Evidence
Abstract
On October 23, 2000, the SEC implemented Regulation FD (Fair Disclosure), which prohibits firms from privately disclosing value-relevant information to select securities markets professionals without simultaneously disclosing the same information to the public. We 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, we 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, we find no evidence Regulation FD impaired the information available to investors prior to earnings announcements, and some of our evidence is consistent with improvement.
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Cites
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Cited by
The financial reporting environment: Review of the recent literature
Beyer, A., Cohen, D. A., Lys, T. Z., & Walther, B. R. (2010) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2010.10.003 · Cited by 2,609
LEUZ, C., & WYSOCKI, P. D. (2016) · Journal of Accounting Research · doi:10.1111/1475-679x.12115 · Cited by 1,760
Scrutiny, Norms, and Selective Disclosure: A Global Study of Greenwashing
Marquis, C., Toffel, M. W., & Zhou, Y. (2016) · Organization Science · doi:10.1287/orsc.2015.1039 · Cited by 1,680
Credibility of Management Forecasts
Rogers, J. L., & Stocken, P. C. (2005) · The Accounting Review · doi:10.2308/accr.2005.80.4.1233 · Cited by 909
Insider Trading and Voluntary Disclosures
CHENG, Q., & LO, K. (2006) · Journal of Accounting Research · doi:10.1111/j.1475-679x.2006.00222.x · Cited by 543
Metadata
- Authors
- Heflin, F., Subramanyam, K. R., & Zhang, Y.
- Venue
- The Accounting Review
- Publisher
- American Accounting Association
- Published
- 2003-01-01
- Volume
- 78
- Issue
- 1
- Pages
- 1-37
- ISSN
- 0001-4826 (ISSN-L)
- 1558-7967
- OpenAlex
- W2163621275
- Cited by
- 507
- References
- 35
- FWCI
- 85.79
- Type
- journal article
- Language
- en
- Open access
- closed
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