Regulation Fair Disclosure and Earnings Information: Market, Analyst, and Corporate Responses

By Warren Bailey, Haitao Li, Connie X. Mao, Rui Zhong. 2003

456 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/8bbf2115030bbc87df9a2571c27f6a0b2a437719

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Citations in the corpus

Re-Examining the Effects of Regulation Fair Disclosure using Foreign Listed Firms to Control for Concurrent Shocks (2006, unknown): “, 2004; Bailey et al., 2003) , we repeat our tests after matching each ADR firm with a US firm based on industry and firm size. We match on industry and size because: 1) both have been shown to be related to the information variables that we examine and 2) the confounding events that ADRs control fo”
The Economics of Conflicts of Interest in Financial Institutions (2006, unknown): “With ARTICLE IN PRESS 7 For an analyst's perspective on being brought over the wall, see Reingold and Reingold (2006).”
Price Informativeness and Investment Sensitivity to Stock Price (2007, unknown): “Bailey et al. (2003), Agrawal, Chadha, and Chen (2006), and Hutton (2005), among others, provide empirical support for this view.”
On the Information Role of Stock Recommendation Revisions (2009, background): “Studies generally conclude that Reg FD reduced the amount of selective disclosure (Agrawal et al., 2006; Bailey et al., 2003; Gintschel and Markov, 2004; Goff et al., 2008).”
Is Disclosure an Effective Cleansing Mechanism? The Dynamics of Compensation Peer Benchmarking (2013, unknown): “For example, Bailey et al. (2003) show that the imposition of Regulation Fair Disclosure made it more difficult to forecast earnings beyond the current quarter. In addition, Hermalin and Weisbach (2012) show that disclosure regulation may actually raise pay levels for senior executives, at least par”
Managerial and Investor Responses to Disclosure Regulation: The Case of Reg Fd and Conference Calls (2004, unknown): “However, other Reg FD studies have failed to find an increase in price volatility around earnings announcements (a period when conference calls are frequently held) as a result of the new regulation (Shane et al. 2001; Bailey et al. 2003).”
Brokerage Commissions and Institutional Trading Patterns (2009, unknown): “Regulation Fair Disclosure, which restricts selective disclosure of management information, has reduced the precision of analyst information (Bailey et al. 2003).”
Analyst Forecast Consistency (2013, background): “These findings are in line with Bailey et al. (2003), who show that analyst disagreement and the difficulty in making earnings forecasts have increased since the implementation of Reg FD.23”
Trading Volume Around Earnings Announcements and Other Financial Reports: Theory, Research Design, Empirical Evidence, and Directions for Future Research (2010, unknown): “Empirical research confirms that trading is positively related to the magnitude of returns around disclosures such as earnings announcements, as Kim and Verrecchia’s (1991a) theory predicts (Atiase and Bamber 1994; Bamber and Cheon 1995; Bhattacharya 2001; Bailey et al. 2003; Hope et al. 2009).”
Do Analysts Practice What They Preach and Should Investors Listen? Effects of Recent Regulations (2009, unknown): “Some research suggests that forecast accuracy decreases and forecast dispersion increases following Reg FD (e.g., Bailey et al. 2003; Agrawal et al. 2006).”