Market adaptation to Regulation Fair Disclosure: The use of industry information to enhance the informational environment

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• 作者：Susana Yu^a ; ^{yus@mail.montclair.edu} ; Gwendolyn Webb^b ; ^{Gwendolyn.webb@baruch.cuny.edu}
• 关键词：G14 ; G18
• 刊名：Journal of Economics and Business
• 出版年：2017
• 出版时间：January-February 2017
• 年：2017
• 卷：89
• 期：Complete
• 页码：1-12
• 全文大小：433 K
• 卷排序：89

文摘

Stock prices respond more strongly around earnings announcements after Reg FD. Earnings surprises have stronger effects on competitors’ stock prices after Reg FD. Market participants adapted to Reg FD by mining a new source of industry data. Reg FD has led to greater use of public industry data in the price discovery process. Reg FD has been successful in helping level the informational playing field.