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Are interim management statements redundant?

Are interim management statements redundant?

 Schleichera, Thomas.
 Routledge, Taylor & Francis , 2015.
 London, Institute of Chartered Accountants in England and Wales] Abingdon, UK : pages 229-255. Institute of Chartered Accountants in England and Wales. English ISSN: 00014788
AccountingBusinessAbnormal trading volumeBnormal return variabilityMarket Abuse DirectiveReporting frequencyTransparency Directive
Tác giả CN Schleichera, Thomas.
Nhan đề Are interim management statements redundant? / Thomas Schleichera & Martin Walkera.
Thông tin xuất bản London, Institute of Chartered Accountants in England and Wales] Abingdon, UK :Routledge, Taylor & Francis ,2015.
Mô tả vật lý pages 229-255.
Tùng thư Institute of Chartered Accountants in England and Wales.
Tóm tắt In 2004 the Transparency Directive increased the reporting frequency by mandating the Interim Management Statement (IMS). However, only nine years later, the EU announced that it was making quarterly reporting voluntary again, arguing that IMSs are redundant as they are unlikely to contain any additional information not already required by the Market Abuse Directive (MAD). The current paper tests this argument empirically. For that it collects data on trading statements from a post-MAD pre-IMS year and uses these statements to predict which IMSs are genuinely incremental firm announcements (‘incremental IMSs’) and not simply substitutes for otherwise disclosed trading statements (‘non-incremental IMSs’). It then calculates three-day abnormal return variability and abnormal trading volume associated with incremental and non-incremental IMSs and it makes three observations. First, the introduction of IMSs coincided with a substantial reduction in other trading statements consistent with a large substitution effect between IMSs and non-periodic trading statements. Second, incremental third-quarter IMSs, but not incremental first-quarter IMSs, exhibit significantly positive abnormal return variability and abnormal trading volume, suggesting that the withdrawal of IMSs will involve the loss of some relevant information. Third, higher abnormal return variability and trading volume for non-incremental IMSs, relative to incremental IMSs, are consistent with the argument that a MAD-only regime will ensure the release of most relevant information.
Thuật ngữ chủ đề Accounting-Periodicals.
Thuật ngữ chủ đề Business-Periodicals.
Thuật ngữ chủ đề Accounting-Research-Periodicals.
Từ khóa tự do Abnormal trading volume
Từ khóa tự do Bnormal return variability
Từ khóa tự do Market Abuse Directive
Từ khóa tự do Reporting frequency
Từ khóa tự do Transparency Directive
Tác giả(bs) CN Walkera, Martin.
Nguồn trích Accounting and Business Research.- Volume 45, N2, 2015.
MARC
Hiển thị đầy đủ trường & trường con
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100[1 ] |a Schleichera, Thomas.
245[1 0] |a Are interim management statements redundant? / |c Thomas Schleichera & Martin Walkera.
260[ ] |a London, Institute of Chartered Accountants in England and Wales] Abingdon, UK : |b Routledge, Taylor & Francis , |c 2015.
300[ ] |a pages 229-255.
362[0 ] |a Vol. 45, N.2 (2015)
490[ ] |a Institute of Chartered Accountants in England and Wales.
520[ ] |a In 2004 the Transparency Directive increased the reporting frequency by mandating the Interim Management Statement (IMS). However, only nine years later, the EU announced that it was making quarterly reporting voluntary again, arguing that IMSs are redundant as they are unlikely to contain any additional information not already required by the Market Abuse Directive (MAD). The current paper tests this argument empirically. For that it collects data on trading statements from a post-MAD pre-IMS year and uses these statements to predict which IMSs are genuinely incremental firm announcements (‘incremental IMSs’) and not simply substitutes for otherwise disclosed trading statements (‘non-incremental IMSs’). It then calculates three-day abnormal return variability and abnormal trading volume associated with incremental and non-incremental IMSs and it makes three observations. First, the introduction of IMSs coincided with a substantial reduction in other trading statements consistent with a large substitution effect between IMSs and non-periodic trading statements. Second, incremental third-quarter IMSs, but not incremental first-quarter IMSs, exhibit significantly positive abnormal return variability and abnormal trading volume, suggesting that the withdrawal of IMSs will involve the loss of some relevant information. Third, higher abnormal return variability and trading volume for non-incremental IMSs, relative to incremental IMSs, are consistent with the argument that a MAD-only regime will ensure the release of most relevant information.
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650[0 0] |a Business |v Periodicals.
650[1 0] |a Accounting |x Research |v Periodicals.
653[0 ] |a Abnormal trading volume
653[0 ] |a Bnormal return variability
653[0 ] |a Market Abuse Directive
653[0 ] |a Reporting frequency
653[0 ] |a Transparency Directive
700[1 ] |a Walkera, Martin.
773[ ] |t Accounting and Business Research. |g Volume 45, N2, 2015.
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