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Information, Selective Disclosure, and Analyst Behavior

Author

Listed:
  • Anchada Charoenrook
  • Craig M. Lewis

Abstract

"This paper examines whether the prohibition of selective disclosures to equity research analysts mandated by Regulation FD alters the amount of information and the manner in which it is revealed to the market. We demonstrate that equity research analysts are more responsive to information contained in company-initiated disclosures after Reg FD, suggesting that regulation has affected the importance of various channels of communication. We also present evidence consistent with the notion that managers use earnings guidance as a substitute for selective disclosure following the passage of Reg FD." Copyright (c) 2009 Financial Management Association International..

Suggested Citation

  • Anchada Charoenrook & Craig M. Lewis, 2009. "Information, Selective Disclosure, and Analyst Behavior," Financial Management, Financial Management Association International, vol. 38(1), pages 39-57, March.
  • Handle: RePEc:bla:finmgt:v:38:y:2009:i:1:p:39-57
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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1755-053X.2009.01027.x
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    Citations

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    Cited by:

    1. Grégoire, Philippe & Huang, Hui, 2012. "Information disclosure with leakages," Economic Modelling, Elsevier, vol. 29(5), pages 2005-2010.
    2. Yongtao Hong & Fariz Huseynov & Wei Zhang, 2014. "Earnings Management and Analyst Following: A Simultaneous Equations Analysis," Financial Management, Financial Management Association International, vol. 43(2), pages 355-390, June.
    3. Xue, Yi & Gençay, Ramazan, 2012. "Hierarchical information and the rate of information diffusion," Journal of Economic Dynamics and Control, Elsevier, vol. 36(9), pages 1372-1401.
    4. Daniel Bradley & Xi Liu & Christos Pantzalis, 2014. "Bucking the Trend: The Informativeness of Analyst Contrarian Recommendations," Financial Management, Financial Management Association International, vol. 43(2), pages 391-414, June.

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