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Research on Market Reaction from Correcting Public Notices of Annual Report of Chinese Listed Companies

Author: WangXiaoNan
Tutor: HuiShangWen
School: Xinjiang University of Finance and Economics
Course: Accounting
Keywords: Annual Report patches Market reaction The quality of accounting information
CLC: F832.51
Type: Master's thesis
Year: 2009
Downloads: 47
Quote: 0
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Abstract


Primarily through the annual financial report of listed companies as the main investor external stakeholders to understand the business of the current situation and development prospects, leading to the development of a method guidelines. If investors can have accurate investment policy, financial signals must be objective, timely, complete and accurate. Published financial information of listed companies in China's stock market, where there is a special situation - \or explanation. Disclosure supplement to correct inaccurate or incomplete, the announcement means that before the release of the annual report if investors to develop investment program is based on the erroneous Annual Report so sure there will be losses; supplement Correction Notice some of the management of listed companies by add correct announcement to postpone the announcement of a negative signal to make a negative impact on the market reduce to a minimum the purpose. Clear? Listed companies after the patch is released, the market of enterprise supplementary Correction Notice respond, it will be reflected to the changes in the stock trading volume, price changes and changes in the trading volume of the investors, if a large number of investors generally decided buy stocks trading volume will be larger, and thus the share price increases; large number of investors decide to sell stocks, trading volume is increased, however, the share price is decreased. If the market for corporate disclosure supplement Correction Notice there is no response, the stock trading volume in corporate disclosure supplement correct around during have not seen much change. Domestic supplement Correction Notice not a lot of empirical research. Author Supplemental Correction Notice as a result of the quality of accounting information of listed companies, trying to the accounting information connotation quality research perspective, through the calculation of the 2006 and 2007 annual report released patches specific content and date in China's stock market The recently intensified listed companies to amend or supplement the previously disclosed in the annual report, take empirical research methods to explore. The findings of this paper are expected to get three points: 1, listed companies in China there is a motivation to postpone publication of the Annual Report patches; 2 the longer listed companies released Annual Report patches late, the greater the market reaction; listed companies announced Annual Report The patches affect changes in stock trading volume.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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