Re-examining the effects of regulation fair disclosure using foreign listed firms to control for concurrent shocks
Publication
, Journal Article
Francis, J; Nanda, D; Wang, X
Published in: Journal of Accounting and Economics
September 1, 2006
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.
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Published In
Journal of Accounting and Economics
DOI
ISSN
0165-4101
Publication Date
September 1, 2006
Volume
41
Issue
3
Start / End Page
271 / 292
Related Subject Headings
- Accounting
- 3801 Applied economics
- 3502 Banking, finance and investment
- 3501 Accounting, auditing and accountability
- 1502 Banking, Finance and Investment
- 1501 Accounting, Auditing and Accountability
- 1402 Applied Economics
Citation
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Francis, J., Nanda, D., & Wang, X. (2006). Re-examining the effects of regulation fair disclosure using foreign listed firms to control for concurrent shocks. Journal of Accounting and Economics, 41(3), 271–292. https://doi.org/10.1016/j.jacceco.2006.03.002
Francis, J., D. Nanda, and X. Wang. “Re-examining the effects of regulation fair disclosure using foreign listed firms to control for concurrent shocks.” Journal of Accounting and Economics 41, no. 3 (September 1, 2006): 271–92. https://doi.org/10.1016/j.jacceco.2006.03.002.
Francis J, Nanda D, Wang X. Re-examining the effects of regulation fair disclosure using foreign listed firms to control for concurrent shocks. Journal of Accounting and Economics. 2006 Sep 1;41(3):271–92.
Francis, J., et al. “Re-examining the effects of regulation fair disclosure using foreign listed firms to control for concurrent shocks.” Journal of Accounting and Economics, vol. 41, no. 3, Sept. 2006, pp. 271–92. Scopus, doi:10.1016/j.jacceco.2006.03.002.
Francis J, Nanda D, Wang X. Re-examining the effects of regulation fair disclosure using foreign listed firms to control for concurrent shocks. Journal of Accounting and Economics. 2006 Sep 1;41(3):271–292.
Published In
Journal of Accounting and Economics
DOI
ISSN
0165-4101
Publication Date
September 1, 2006
Volume
41
Issue
3
Start / End Page
271 / 292
Related Subject Headings
- Accounting
- 3801 Applied economics
- 3502 Banking, finance and investment
- 3501 Accounting, auditing and accountability
- 1502 Banking, Finance and Investment
- 1501 Accounting, Auditing and Accountability
- 1402 Applied Economics