English, Article, Journal or magazine article edition: The Informativeness of Quarterly Financial Reporting: The Portuguese Case Carlos F. Alves; F. Teixeira dos Santos

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Bookmark: http://trove.nla.gov.au/version/182742
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Informativeness of Quarterly Financial Reporting: The Portuguese Case
Author
  • Carlos F. Alves
  • F. Teixeira dos Santos
Physical Description
  • preprint
Notes
  • With the Directive 2004/​109/​EC, of December 15, 2004 – Transparency Directive –, the European Union decided not to require listed companies to disclose financial information in the first and third quarters of each year. Each EU country now has to decide whether to oblige its companies to disclose this information. Using a sample of 1751 firm-earnings announcements between 1994 and 2004, this paper ascertains the informativeness of quarterly financial reporting in Portugal, one of the seven European countries where the disclosure of such information is currently compulsory in all quarters. Evidence suggests that the information of the first and third quarters, both in terms of price volatility and trading volume, is significant and not inferior to that of the remaining earnings announcements.
  • Capital markets-based research; interim accounting disclosure; market reaction; market regulation
  • RePEc:por:fepwps:177
Language
  • English
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