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2000 is the first year that quarterly financial statements must be filed with Financial Supervisory Service. Since the disclosure environments are changed from semi-annual interim reports to quarterly...
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2000 is the first year that quarterly financial statements must be filed with Financial Supervisory Service. Since the disclosure environments are changed from semi-annual interim reports to quarterly interim reports, this study examines the effects of this environment changes on the information content of semi-annual reports. Additional disclosure of quarterly reports in 2000 is expected to reduce marginal information content of semi-annual reports. This paper compares the information content of semi-annual report in 1999 with that in 2000. Firm characteristics which may affect the information content of accounting disclosures are also considered in the analyses.
The stock return variability at the time semi-annual reports are disclosed proxies for the information content of semi-annual reports.
The sample includes 464 manufacturing firms with December 31 fiscal year end in 1999 and 2000.
The empirical results show that the stock return variability around the disclosure of semi-annual reports is lower in 2000 than that in 1999. These results indicate that quarterly reports provide relevant information to the capital market and reduce the market response to semi-annual reports in 2000. The results also show that the magnitude of unexpected earnings is positively and firm size is negatively related to the information content of semi -annual reports.
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Abstract