Does Voluntary Disclosure Improve Stock Price Informativeness?

被引：148

作者：

Haggard, K. Stephen ^{[1
]}

Martin, Xiumin ^{[2
]}

Pereira, Raynolde ^{[3
]}

机构：

[1] Missouri State Univ, Springfield, MO 65897 USA

[2] Washington Univ, St Louis, MO USA

[3] Univ Missouri, Columbia, MO USA

来源：

FINANCIAL MANAGEMENT | 2008年 / 37卷 / 04期

关键词：

D O I：

10.1111/j.1755-053X.2008.00033.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

According to theory, comovement in stock prices reflects comovement in the fundamental factors underlying the values of stocks. Recent theory contends that stock price comovement can be driven by information markets or the informational opacity of the firm. To the extent that voluntary disclosure reduces information acquisition cost and enhances firm transparency, we predict that enhanced voluntary disclosure reduces stock price comovement. We provide evidence in support of this prediction using analyst evaluation of firm disclosure policy. Overall, our evidence supports the effectiveness of firm disclosure policy in increasing the amount of firm-specific information contained in stock returns.

引用

页码：747 / 768

页数：22

共 25 条

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