Peer firms’ reporting frequency and stock price synchronicity: European evidence

Jesper Haga, Kenneth Högholm, Dennis Sundvik*

*Corresponding author for this work

Research output: Contribution to journalArticleScientificpeer-review

4 Citations (Scopus)


This study investigates whether and how the amount of firm-specific information incorporated into stock prices changes when there is more quarterly, rather than semi-annual, reporting in the peer group. Using a sample of 33,338 European firm-year observations from 2004 to 2017, we find a significantly negative relationship between stock price synchronicity and concentration of quarterly reporting among a firm’s peers. We argue that more public peer disclosure stimulates acquisition of private firm-specific information. Additional tests show that the negative relationship is strongest among firms with semi-annual reporting, opaque earnings, and low institutional ownership. We further decompose the synchronicity measure into market and industry co-movement and find that the former is decreasing while the latter is increasing with more frequent peer reporting.
Original languageEnglish
Article number100505
Peer-reviewed scientific journalJournal of International Accounting, Auditing and Taxation
Publication statusPublished - 11.11.2022
MoE publication typeA1 Journal article - refereed


  • 512 Business and Management
  • financial reporting frequency
  • positive externalities
  • stock price synchronicity

Areas of Strength and Areas of High Potential (AoS and AoHP)

  • AoS: Financial management, accounting, and governance


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