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The Information Content of Corporate Earnings: Evidence from the Securities Exchange Act of 1934

NBER Working Paper Series, 2022-02

Copyright National Bureau of Economic Research, Inc. Feb 2022 ;ISSN: 0898-2937 ;DOI: 10.3386/w29747

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Title:
The Information Content of Corporate Earnings: Evidence from the Securities Exchange Act of 1934
Author: Binz, Oliver ; Graham, John
Subjects: Accounting ; Asset Pricing ; Audited financial statements ; Compliance ; Corporate Finance ; Costs ; Disclosure ; Earnings ; Enforcement ; Financial reporting ; Investments ; Litigation ; Political Economy ; Profits ; Public Economics ; Regulation of financial institutions ; Reporting requirements ; SEC regulations ; Stock exchanges
Is Part Of: NBER Working Paper Series, 2022-02
Description: We examine whether the Securities Exchange Act of 1934 increased the information content of corporate earnings disclosures. Prior research questions whether the Act improved disclosure quality but generally relies on long-window tests and yields mixed results. We focus on whether the Act increased earnings informativeness, improving upon prior designs by focusing on short earnings announcement windows and employing a difference-in-differences design to control for potential contemporaneous structural changes. We document an increase in earnings informativeness following the Act, which is larger for treatment firms (which withheld disclosure before the Act) than for control firms. The increase in informativeness is more pronounced for firms that are subject to stronger enforcement.
Publisher: Cambridge: National Bureau of Economic Research
Language: English
Identifier: ISSN: 0898-2937
DOI: 10.3386/w29747
Source: Alma/SFX Local Collection

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The Information Content of Corporate Earnings: Evidence from the Securities Exchange Act of 1934

Copyright National Bureau of Economic Research, Inc. Feb 2022 ;ISSN: 0898-2937 ;DOI: 10.3386/w29747

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