DISCLOSURE POLICY AND PRICE VOLATILITY： A THEORETICAL DESCRIPTION AND EMPIRICAL TESTS OF THE ＇FILTER EFFECT＇

• 作者: JianghuiLin XiangminChen
• 来源期刊: 中国会计与财务研究
• 学科: 经济
• 关键词: 披露政策 上市公司 财务报告 股票价格
• 年，卷（期）: zghjycwyj_2004,（1）
• 页码范围: 105-116
• 页数: 12页
• 分类号: F276.6

摘要

In the context of a push towards full disclosure by the regulatory authorities of securities markets, we evaluate the effectiveness of corporate disclosure policy by examining the 'filter effect'. Controlling for firm size and earnings changes, we conduct an empirical test of various disclosure options. Our results shows that the recent increase in disclosure frequency in mainland China's securities markets has not yet achieved its anticipated objective. Disclosure quality remains low and small firms often manipulate their stock prices through selective release of information.