New information in continuous disclosure

Russell, Mark (2015) New information in continuous disclosure. Pacific Accounting Review, 27 2: 229-263. doi:10.1108/PAR-12-2012-0064


Author Russell, Mark
Title New information in continuous disclosure
Journal name Pacific Accounting Review   Check publisher's open access policy
ISSN 0114-0582
2041-5494
Publication date 2015
Year available 2015
Sub-type Article (original research)
DOI 10.1108/PAR-12-2012-0064
Open Access Status
Volume 27
Issue 2
Start page 229
End page 263
Total pages 35
Place of publication Bingley, United Kingdom
Publisher Emerald Group Publishing Limited
Collection year 2016
Language eng
Formatted abstract
Purpose
– This paper aims to examine the price-sensitivity of information under capital market disclosure regulation, the Australian continuous disclosure regulation (CDR).

Design/methodology/approach
– The study tests the information content of continuous disclosures and identifies the firm characteristics that condition the price-sensitivity of information under CDR.

Findings
– The study provides evidence that continuous firm disclosures are significantly associated with stock price adjustment to information. Further results are consistent with firm disclosure and its information content being determined by the economics of the firm.

Practical implications
– The findings of the study support the introduction of ongoing and continuous disclosure regimes in a number of capital markets, and assist firms and regulators model the price-sensitivity of information under CDR.

Originality/value
– The study highlights the sources of an informed market, and contributes to our understanding of the conditions under which the CDR reveals unexpected information. The results provide evidence of an association between firm disclosure and stock price synchronicity, consistent with managerial incentives to disclose information.
Keyword Event study
Continuous disclosure
Disclosure regulation
Stock price synchronicity
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: Official 2016 Collection
UQ Business School Publications
 
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Created: Fri, 27 Mar 2015, 16:39:21 EST by Karen Morgan on behalf of UQ Business School