Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure

@article{Healy1999StockPA,
  title={Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure},
  author={Paul Healy and A. Hutton and K. Palepu},
  journal={Contemporary Accounting Research},
  year={1999},
  volume={16},
  pages={485-520}
}
  • Paul Healy, A. Hutton, K. Palepu
  • Published 1999
  • Business
  • Contemporary Accounting Research
  • This paper investigates whether firms benefit from expanded voluntary disclosure by examining changes in capital market factors associated with increases in analyst disclosure ratings for 97 firms. The disclosure rating increases are accompanied by increases in sample firms' stock returns, institutional ownership, analyst following, and stock liquidity. These findings persist after controlling for contemporaneous earnings performance and other potentially influential variables, such as risk… CONTINUE READING
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