Investor protection and the information content of annual earnings announcements: International evidence

被引：254

作者：

DeFond, Mark ^{[1
]}

Hung, Mingyi

Trezevant, Robert

机构：

[1] Univ So Calif, Leventhal Sch Accounting, Los Angeles, CA 90089 USA

[2] Chinese Univ Hong Kong, Sch Accountancy, Shatin, NT, Peoples R China

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 2007年 / 43卷 / 01期

关键词：

cross-country event study; earnings announcement; price reaction;

D O I：

10.1016/j.jacceco.2006.09.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We draw on the investor protection literature to identify structural factors in the financial reporting environment that are likely to explain cross-country differences in the information content of annual earnings announcements. Using data from over 50,000 annual earnings announcements in 26 countries, we find that annual earnings announcements are more informative in countries with higher quality earnings or better enforced insider trading laws, and that annual earnings announcements are less informative in countries with more frequent interim financial reporting. We also find that, on average, earnings announcements are more informative in countries with strong investor protection institutions. (c) 2006 Elsevier B.V. All rights reserved.

引用

页码：37 / 67

页数：31

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