The Informativeness of Quarterly Financial Reporting: The Portuguese Case
AbstractWith the Directive 2004/109/EC, of December 15, 2004 – Transparency Directive –, the European Union decided not to require listed companies to disclose financial information in the first and third quarters of each year. Each EU country now has to decide whether to oblige its companies to disclose this information. Using a sample of 1751 firm-earnings announcements between 1994 and 2004, this paper ascertains the informativeness of quarterly financial reporting in Portugal, one of the seven European countries where the disclosure of such information is currently compulsory in all quarters. Evidence suggests that the information of the first and third quarters, both in terms of price volatility and trading volume, is significant and not inferior to that of the remaining earnings announcements.
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Bibliographic InfoPaper provided by Universidade do Porto, Faculdade de Economia do Porto in its series FEP Working Papers with number 177.
Length: 32 pages.
Date of creation: Jun 2005
Date of revision:
Capital markets-based research; interim accounting disclosure; market reaction; market regulation;
Find related papers by JEL classification:
- G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
- M49 - Business Administration and Business Economics; Marketing; Accounting - - Accounting - - - Other
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- Youngsoon Susan Cheon & Theodore E. Christensen & Linda Smith Bamber, 2001. "Factors Associated with Differences in the Magnitude of Abnormal Returns Around NYSE Versus Nasdaq Firms' Earnings Announcements," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 28(9&10), pages 1073-1108.
- Carlos Alves & Victor Mendes, 2001. "Corporate Governance Policy and Company Performance: The Case of Portugal," FEP Working Papers 112, Universidade do Porto, Faculdade de Economia do Porto.
- Carhart, Mark M, 1997. " On Persistence in Mutual Fund Performance," Journal of Finance, American Finance Association, vol. 52(1), pages 57-82, March.
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