全球智库信息集成服务系统(G2TT): The Information Content of Corporate Earnings: Evidence from the Securities Exchange Act of 1934

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w29747
来源ID	Working Paper 29747
	The Information Content of Corporate Earnings: Evidence from the Securities Exchange Act of 1934
	Oliver Binz; John Graham
发表日期	2022-02-14
出版年	2022
语种	英语
摘要	We examine whether the Securities Exchange Act of 1934 increased the information content of corporate earnings disclosures. Prior research questions whether the Act improved disclosure quality but generally relies on long-window tests and yields mixed results. We focus on whether the Act increased earnings informativeness, improving upon prior designs by focusing on short earnings announcement windows and employing a difference-in-differences design to control for potential contemporaneous structural changes. We document an increase in earnings informativeness following the Act, which is larger for treatment firms (which withheld disclosure before the Act) than for control firms. The increase in informativeness is more pronounced for firms that are subject to stronger enforcement.
主题	Other ; History of Economic Thought ; Financial Economics ; Financial Markets ; Law and Economics ; Accounting, Marketing, and Personnel
URL	https://www.nber.org/papers/w29747
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/587421
推荐引用方式 GB/T 7714	Oliver Binz,John Graham. The Information Content of Corporate Earnings: Evidence from the Securities Exchange Act of 1934. 2022.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w29747.pdf（3978KB）	智库出版物		限制开放	CC BY-NC-SA	浏览