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Into tradable securities Earnings Disclosure process the information content of empirical research

Author: ZhaoLiBin
Tutor: LuoLi
School: Yunnan University of Finance
Course: Accounting
Keywords: Earnings Disclosure Information Content Share Segregation Reform Market Efficiency Nonlinear model
CLC: F832.51;F224
Type: Master's thesis
Year: 2010
Downloads: 25
Quote: 0
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Abstract


Surplus capital market information disclosure on the impact of equity returns to some extent explain the effectiveness of the market . Tradable market is constraining the development of China's capital market institutional barriers . April 29, 2005 China formally start share reform , which is essentially a mechanism to achieve the conversion of A-share market, the transfer of shares to eliminate the institutional differences . Share reform is to promote the effectiveness of China's capital market development in theory and practice are of great significance . Use of the international standard price research methods, this study surplus - return nonlinear models examined between China's capital market into the circulation process, the information content of earnings disclosure , empirical results show that : ( 1 ) good performance of listed companies tend to disclosed to the market in the early annual reports ; on the contrary, the Commission deadline to disclose their annual reports . However, through research we found that in January the annual report of listed companies disclose their performance was not significantly greater than 2,3 month ; disclosed in annual reports of listed companies , have a week in the characteristics tend to disclose the annual report on Tuesday . ( 2 ) The empirical results show that the surplus - returns non-linear relationship between the model goodness of fit was significantly better than the linear model . ( 3 ) unexpected earnings coefficient shows that the larger the absolute value of the corresponding equity returns but lower . This result suggests that investors pay more attention in the investment process earnings quality , \shows that our strong capital market efficiency tends to be semi- effective .

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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