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- Publisher Website: 10.1016/j.jaccpubpol.2011.06.001
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Article: Regulation FD, accounting restatements and transient institutional investors' trading behavior
Title | Regulation FD, accounting restatements and transient institutional investors' trading behavior |
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Authors | |
Issue Date | 2011 |
Publisher | Elsevier Inc. The Journal's web site is located at http://www.elsevier.com/locate/jaccpubpol |
Citation | Journal Of Accounting And Public Policy, 2011, v. 30 n. 4, p. 298-326 How to Cite? |
Abstract | We examine the impact of Regulation Fair Disclosure (RFD) on transient institutional investors' abnormal trading behavior around accounting restatements. We find that while in the pre-RFD period, transient institutional investors exhibit abnormal selling of restating firms' stocks one quarter before the restatement is publicly announced, in the post-RFD period there is no such abnormal selling. Furthermore, we find that this phenomenon is driven by (a) firms with low analyst following (i.e., firms with poor information environment), (b) firms with high stock price reaction to earnings surprise (i.e., firms with high informativeness of earnings), (c) firms where the restatements' impact on earnings is high, and (d) firms with non-revenue related restatements. © 2011 Elsevier Inc. |
Persistent Identifier | http://hdl.handle.net/10722/157736 |
ISSN | 2023 Impact Factor: 3.3 2023 SCImago Journal Rankings: 1.327 |
ISI Accession Number ID | |
References |
DC Field | Value | Language |
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dc.contributor.author | Li, X | en_HK |
dc.contributor.author | Radhakrishnan, S | en_HK |
dc.contributor.author | Shin, H | en_HK |
dc.contributor.author | Zhang, J | en_HK |
dc.date.accessioned | 2012-08-08T08:55:15Z | - |
dc.date.available | 2012-08-08T08:55:15Z | - |
dc.date.issued | 2011 | en_HK |
dc.identifier.citation | Journal Of Accounting And Public Policy, 2011, v. 30 n. 4, p. 298-326 | en_HK |
dc.identifier.issn | 0278-4254 | en_HK |
dc.identifier.uri | http://hdl.handle.net/10722/157736 | - |
dc.description.abstract | We examine the impact of Regulation Fair Disclosure (RFD) on transient institutional investors' abnormal trading behavior around accounting restatements. We find that while in the pre-RFD period, transient institutional investors exhibit abnormal selling of restating firms' stocks one quarter before the restatement is publicly announced, in the post-RFD period there is no such abnormal selling. Furthermore, we find that this phenomenon is driven by (a) firms with low analyst following (i.e., firms with poor information environment), (b) firms with high stock price reaction to earnings surprise (i.e., firms with high informativeness of earnings), (c) firms where the restatements' impact on earnings is high, and (d) firms with non-revenue related restatements. © 2011 Elsevier Inc. | en_HK |
dc.language | eng | en_US |
dc.publisher | Elsevier Inc. The Journal's web site is located at http://www.elsevier.com/locate/jaccpubpol | en_HK |
dc.relation.ispartof | Journal of Accounting and Public Policy | en_HK |
dc.title | Regulation FD, accounting restatements and transient institutional investors' trading behavior | en_HK |
dc.type | Article | en_HK |
dc.identifier.email | Li, X: xuli1@hku.hk | en_HK |
dc.identifier.authority | Li, X=rp01615 | en_HK |
dc.description.nature | link_to_subscribed_fulltext | en_US |
dc.identifier.doi | 10.1016/j.jaccpubpol.2011.06.001 | en_HK |
dc.identifier.scopus | eid_2-s2.0-79960307042 | en_HK |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-79960307042&selection=ref&src=s&origin=recordpage | en_HK |
dc.identifier.volume | 30 | en_HK |
dc.identifier.issue | 4 | en_HK |
dc.identifier.spage | 298 | en_HK |
dc.identifier.epage | 326 | en_HK |
dc.identifier.eissn | 1873-2070 | - |
dc.identifier.isi | WOS:000293434000001 | - |
dc.publisher.place | United States | en_HK |
dc.identifier.scopusauthorid | Li, X=42961803500 | en_HK |
dc.identifier.scopusauthorid | Radhakrishnan, S=35846986500 | en_HK |
dc.identifier.scopusauthorid | Shin, H=42962296800 | en_HK |
dc.identifier.scopusauthorid | Zhang, J=42962851600 | en_HK |
dc.identifier.citeulike | 9486483 | - |
dc.identifier.issnl | 0278-4254 | - |