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The Informativeness of Quarterly Financial Reporting: The Portuguese Case


  • Carlos F. Alves

    () (CEMPRE, Faculdade de Economia, Universidade do Porto)

  • F. Teixeira dos Santos

    () (Faculdade de Economia, Universidade do Porto and LIACC/UP)


With 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.

Suggested Citation

  • Carlos F. Alves & F. Teixeira dos Santos, 2005. "The Informativeness of Quarterly Financial Reporting: The Portuguese Case," FEP Working Papers 177, Universidade do Porto, Faculdade de Economia do Porto.
  • Handle: RePEc:por:fepwps:177

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    References listed on IDEAS

    1. Amir, Eli & Lev, Baruch, 1996. "Value-relevance of nonfinancial information: The wireless communications industry," Journal of Accounting and Economics, Elsevier, vol. 22(1-3), pages 3-30, October.
    2. repec:bla:joares:v:6:y:1968:i::p:67-92 is not listed on IDEAS
    3. Carhart, Mark M, 1997. " On Persistence in Mutual Fund Performance," Journal of Finance, American Finance Association, vol. 52(1), pages 57-82, March.
    4. repec:bla:joares:v:31:y:1993:i::p:183-223 is not listed on IDEAS
    5. 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.
    6. 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.
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    More about this item


    Capital markets-based research; interim accounting disclosure; market reaction; market regulation;

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • M49 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Other

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