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Sammanfattning
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.
Originalspråk | Engelska |
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Artikelnummer | 100505 |
Referentgranskad vetenskaplig tidskrift | Journal of International Accounting, Auditing and Taxation |
Volym | 49 |
ISSN | 1061-9518 |
DOI | |
Status | Publicerad - 11.11.2022 |
MoE-publikationstyp | A1 Originalartikel i en vetenskaplig tidskrift |
Nyckelord
- 512 Företagsekonomi
Fingeravtryck
Fördjupa i forskningsämnen för ”Peer firms’ reporting frequency and stock price synchronicity: European evidence”. Tillsammans bildar de ett unikt fingeravtryck.Aktiviteter
- 1 Inbjudet tal
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Griffith University Research Presentation
Sundvik, D. (Talare)
04.03.2020Aktivitet: Tal eller presentation › Inbjudet tal