The Capital Market Implications of the Frequency of Interim Financial Reporting: An International Analysis
- Topics:
- Financial Research
- Tags:
- Analysis,
- New Jersey,
- Investment,
- Great Britain,
- Financial Reporting,
- Financial Planning,
- Financial,
- Finance,
- Capital Market,
- Volatility
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Overview: This study examines empirically the extent to which the frequency of interim financial reporting affects stock price volatility over the course of the fiscal year in four countries with different interim reporting regimes: the United States and Canada with quarterly reporting, and Great Britain and Australia with semi-annual interim reporting. It is hypothesized that, in the tradeoff between timeliness and predictive value of the interim reports, semi-annual interim reporting will lead to lesser price volatility after accounting for other potential influences. Results found support this hypothesis, with price volatility much lower in Great Britain (and to a lesser extend Australia) than in the United States and Canada.
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Format: PDF | Size: 277KB | Date: Apr 2003 | Pages: 33
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