The Impact of Regulation Fair Disclosure on Information Asymmetry and Trading: An Intraday Analysis

This study examines the impact of Regulation Fair Disclosure (FD) on liquidity, information asymmetry, and institutional and retail investors trading behavior. Our main findings suggest three conclusions. First, Regulation FD has been effective in improving liquidity and in decreasing the level of i...

Full description

Saved in:
Bibliographic Details
Main Authors: CHIYACHANTANA, Chiraphol New, Taechapiroontong, Nareerat, JIANG, Christine X., Wood, Robert A.
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2004
Subjects:
Online Access:https://ink.library.smu.edu.sg/lkcsb_research/1087
https://doi.org/10.1111/j.0732-8516.2004.00088.x
Tags: Add Tag
No Tags, Be the first to tag this record!
Institution: Singapore Management University
Language: English
id sg-smu-ink.lkcsb_research-2086
record_format dspace
spelling sg-smu-ink.lkcsb_research-20862015-03-01T02:14:35Z The Impact of Regulation Fair Disclosure on Information Asymmetry and Trading: An Intraday Analysis CHIYACHANTANA, Chiraphol New Taechapiroontong, Nareerat JIANG, Christine X. Wood, Robert A. This study examines the impact of Regulation Fair Disclosure (FD) on liquidity, information asymmetry, and institutional and retail investors trading behavior. Our main findings suggest three conclusions. First, Regulation FD has been effective in improving liquidity and in decreasing the level of information asymmetry. Second, retail trading activity increases dramatically after earnings announcements but there is a significant decline in institutional trading surrounding earnings announcements, particularly in the pre-announcement period. Last, the decline in information asymmetry around earnings announcements is closely associated with a lower participation rate in the pre-announcement period and more active trading of retail investors after earnings releases. 2004-11-01T08:00:00Z text https://ink.library.smu.edu.sg/lkcsb_research/1087 info:doi/10.1111/j.0732-8516.2004.00088.x https://doi.org/10.1111/j.0732-8516.2004.00088.x Research Collection Lee Kong Chian School Of Business eng Institutional Knowledge at Singapore Management University Finance and Financial Management Portfolio and Security Analysis
institution Singapore Management University
building SMU Libraries
continent Asia
country Singapore
Singapore
content_provider SMU Libraries
collection InK@SMU
language English
topic Finance and Financial Management
Portfolio and Security Analysis
spellingShingle Finance and Financial Management
Portfolio and Security Analysis
CHIYACHANTANA, Chiraphol New
Taechapiroontong, Nareerat
JIANG, Christine X.
Wood, Robert A.
The Impact of Regulation Fair Disclosure on Information Asymmetry and Trading: An Intraday Analysis
description This study examines the impact of Regulation Fair Disclosure (FD) on liquidity, information asymmetry, and institutional and retail investors trading behavior. Our main findings suggest three conclusions. First, Regulation FD has been effective in improving liquidity and in decreasing the level of information asymmetry. Second, retail trading activity increases dramatically after earnings announcements but there is a significant decline in institutional trading surrounding earnings announcements, particularly in the pre-announcement period. Last, the decline in information asymmetry around earnings announcements is closely associated with a lower participation rate in the pre-announcement period and more active trading of retail investors after earnings releases.
format text
author CHIYACHANTANA, Chiraphol New
Taechapiroontong, Nareerat
JIANG, Christine X.
Wood, Robert A.
author_facet CHIYACHANTANA, Chiraphol New
Taechapiroontong, Nareerat
JIANG, Christine X.
Wood, Robert A.
author_sort CHIYACHANTANA, Chiraphol New
title The Impact of Regulation Fair Disclosure on Information Asymmetry and Trading: An Intraday Analysis
title_short The Impact of Regulation Fair Disclosure on Information Asymmetry and Trading: An Intraday Analysis
title_full The Impact of Regulation Fair Disclosure on Information Asymmetry and Trading: An Intraday Analysis
title_fullStr The Impact of Regulation Fair Disclosure on Information Asymmetry and Trading: An Intraday Analysis
title_full_unstemmed The Impact of Regulation Fair Disclosure on Information Asymmetry and Trading: An Intraday Analysis
title_sort impact of regulation fair disclosure on information asymmetry and trading: an intraday analysis
publisher Institutional Knowledge at Singapore Management University
publishDate 2004
url https://ink.library.smu.edu.sg/lkcsb_research/1087
https://doi.org/10.1111/j.0732-8516.2004.00088.x
_version_ 1770569793026392064