Investigating the Market reaction to Disclosure of Important Information
According to article #13 of information disclosure instruction for the firms listed in Tehran Stock Exchange, publishers are charged to disclose the important information immediately. This research investigates the market reactions to disclosure of the important information as mentioned article. Res...
| Main Authors: | , |
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| Format: | Article |
| Language: | fas |
| Published: |
Shahid Bahonar University of Kerman
2017-10-01
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| Series: | مجله دانش حسابداری |
| Subjects: | |
| Online Access: | https://jak.uk.ac.ir/article_1759_0018e2cb14be9cbe5eb8df506d487691.pdf |
| _version_ | 1830301987585916928 |
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| author | Farzaneh Nasirzadeh S. Ali Mousavi Gouki |
| author_facet | Farzaneh Nasirzadeh S. Ali Mousavi Gouki |
| author_sort | Farzaneh Nasirzadeh |
| collection | DOAJ |
| description | According to article #13 of information disclosure instruction for the firms listed in Tehran Stock Exchange, publishers are charged to disclose the important information immediately. This research investigates the market reactions to disclosure of the important information as mentioned article. Research method is event-study using content analysis. In this regard 213 announcements which published during 2010-2016 was investigated and categorized into 3 categories: Positive, Negative and Clarifier. In this research, Cumulative Abnormal Returns was measured for short-term windows of weekly (-1, +5), 5-days (-1, +3), 3-days (-1, +1), one day (announce day), 2-days (0 , -1) and weekly (-5, +1). The results show that the investors had a significant positive reaction to negative announcements before announce and no significant reaction after announce. Also, investors had a significant positive reaction to positive and clarifier announces. |
| first_indexed | 2024-12-19T08:59:14Z |
| format | Article |
| id | doaj.art-e06d52a983264bd49fac646931bd67c0 |
| institution | Directory Open Access Journal |
| issn | 2008-8914 2476-292X |
| language | fas |
| last_indexed | 2024-12-19T08:59:14Z |
| publishDate | 2017-10-01 |
| publisher | Shahid Bahonar University of Kerman |
| record_format | Article |
| series | مجله دانش حسابداری |
| spelling | doaj.art-e06d52a983264bd49fac646931bd67c02022-12-21T20:28:32ZfasShahid Bahonar University of Kermanمجله دانش حسابداری2008-89142476-292X2017-10-0183538010.22103/jak.2017.9830.23221759Investigating the Market reaction to Disclosure of Important InformationFarzaneh Nasirzadeh0S. Ali Mousavi Gouki1Associate Professor of Accounting, Ferdowsi University, Mashhad, Iran.Ph.D Student in Accounting, Ferdowsi University, Mashhad, Iran.According to article #13 of information disclosure instruction for the firms listed in Tehran Stock Exchange, publishers are charged to disclose the important information immediately. This research investigates the market reactions to disclosure of the important information as mentioned article. Research method is event-study using content analysis. In this regard 213 announcements which published during 2010-2016 was investigated and categorized into 3 categories: Positive, Negative and Clarifier. In this research, Cumulative Abnormal Returns was measured for short-term windows of weekly (-1, +5), 5-days (-1, +3), 3-days (-1, +1), one day (announce day), 2-days (0 , -1) and weekly (-5, +1). The results show that the investors had a significant positive reaction to negative announcements before announce and no significant reaction after announce. Also, investors had a significant positive reaction to positive and clarifier announces.https://jak.uk.ac.ir/article_1759_0018e2cb14be9cbe5eb8df506d487691.pdfmandatory disclosureimportant informationmarket reactionsabnormal returnsannouncements |
| spellingShingle | Farzaneh Nasirzadeh S. Ali Mousavi Gouki Investigating the Market reaction to Disclosure of Important Information مجله دانش حسابداری mandatory disclosure important information market reactions abnormal returns announcements |
| title | Investigating the Market reaction to Disclosure of Important Information |
| title_full | Investigating the Market reaction to Disclosure of Important Information |
| title_fullStr | Investigating the Market reaction to Disclosure of Important Information |
| title_full_unstemmed | Investigating the Market reaction to Disclosure of Important Information |
| title_short | Investigating the Market reaction to Disclosure of Important Information |
| title_sort | investigating the market reaction to disclosure of important information |
| topic | mandatory disclosure important information market reactions abnormal returns announcements |
| url | https://jak.uk.ac.ir/article_1759_0018e2cb14be9cbe5eb8df506d487691.pdf |
| work_keys_str_mv | AT farzanehnasirzadeh investigatingthemarketreactiontodisclosureofimportantinformation AT salimousavigouki investigatingthemarketreactiontodisclosureofimportantinformation |