Re-examining the effects of regulation fair disclosure using foreign listed firms to control for concurrent shocks

Journal Article (Journal Article)

We 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. © 2006 Elsevier B.V. All rights reserved.

Full Text

Duke Authors

Cited Authors

  • Francis, J; Nanda, D; Wang, X

Published Date

  • September 1, 2006

Published In

Volume / Issue

  • 41 / 3

Start / End Page

  • 271 - 292

International Standard Serial Number (ISSN)

  • 0165-4101

Digital Object Identifier (DOI)

  • 10.1016/j.jacceco.2006.03.002

Citation Source

  • Scopus