Changes in the Information Efficiency of Stock Prices: Additional Evidence

被引：9

作者：

DeFusco, Richard ^{[1
]}

Mishra, Suchi ^{[2
]}

Raghunandan, K. ^{[3
]}

机构：

[1] Univ Nebraska Lincoln, Lincoln, NE 68583 USA

[2] Florida Int Univ, Coll Business Adm, Miami, FL 33199 USA

[3] Florida Int Univ, Miami, FL 33199 USA

来源：

FINANCIAL REVIEW | 2010年 / 45卷 / 01期

关键词：

regulation FD; information asymmetry; earnings announcements; SEC regulations; stock market efficiency;

D O I：

10.1111/j.1540-6288.2009.00241.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Previous research shows, using data from three quarters after the implementation of regulation fair disclosure (Reg FD), that there is an improvement in the informational efficiency of stock prices after Reg FD. We compare the informational efficiency of stock prices in four pre-Reg FD quarters (1999-2000) and 12 post-Reg FD quarters (2002-2005). The improvement in the informational efficiency of stock prices previously reported in the immediate aftermath of Reg FD persists in later periods.

引用

页码：153 / 165

页数：13

共 14 条

[1] Who is afraid of Reg FD? The behavior and performance of sell-side analysts following the SEC's Fair Disclosure rules [J].