Re-examining the effects of regulation fair disclosure using foreign listed firms to control for concurrent shocks
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AbstractWe re-examine the effects of regulation fair disclosure (Reg FD) using ADRs (who are exempt from Reg FD) to control for confounding events which affected all traded firms. Tests based on public information metrics (returns volatility, informational efficiency and trading volume) and on analyst information metrics (forecast dispersion and accuracy) suggest that Reg FD did not uniquely affect the US information environment. However, analyst report informativeness declined for US firms relative to ADR firms, providing evidence consistent with Reg FD achieving one of its objectives-reducing private information flows to analysts. (c) 2006 Elsevier B.V. All rights reserved.
All Author(s) ListFrancis J, Nanda D, Wang X
Journal nameJournal of Accounting and Economics
Volume Number41
Issue Number3
Pages271 - 292
LanguagesEnglish-United Kingdom
Keywordsforeign-listed firms; information environment; Reg FD
Web of Science Subject CategoriesBusiness & Economics; Business, Finance; BUSINESS, FINANCE; Economics; ECONOMICS

Last updated on 2020-19-11 at 00:11