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Article: Regulation FD, accounting restatements and transient institutional investors' trading behavior

TitleRegulation FD, accounting restatements and transient institutional investors' trading behavior
Authors
Issue Date2011
PublisherElsevier 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?
AbstractWe 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 Identifierhttp://hdl.handle.net/10722/157736
ISSN
2015 Impact Factor: 1.317
2015 SCImago Journal Rankings: 1.030
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorLi, Xen_HK
dc.contributor.authorRadhakrishnan, Sen_HK
dc.contributor.authorShin, Hen_HK
dc.contributor.authorZhang, Jen_HK
dc.date.accessioned2012-08-08T08:55:15Z-
dc.date.available2012-08-08T08:55:15Z-
dc.date.issued2011en_HK
dc.identifier.citationJournal Of Accounting And Public Policy, 2011, v. 30 n. 4, p. 298-326en_HK
dc.identifier.issn0278-4254en_HK
dc.identifier.urihttp://hdl.handle.net/10722/157736-
dc.description.abstractWe 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.languageengen_US
dc.publisherElsevier Inc. The Journal's web site is located at http://www.elsevier.com/locate/jaccpubpolen_HK
dc.relation.ispartofJournal of Accounting and Public Policyen_HK
dc.titleRegulation FD, accounting restatements and transient institutional investors' trading behavioren_HK
dc.typeArticleen_HK
dc.identifier.emailLi, X: xuli1@hku.hken_HK
dc.identifier.authorityLi, X=rp01615en_HK
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.doi10.1016/j.jaccpubpol.2011.06.001en_HK
dc.identifier.scopuseid_2-s2.0-79960307042en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-79960307042&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume30en_HK
dc.identifier.issue4en_HK
dc.identifier.spage298en_HK
dc.identifier.epage326en_HK
dc.identifier.eissn1873-2070-
dc.identifier.isiWOS:000293434000001-
dc.publisher.placeUnited Statesen_HK
dc.identifier.scopusauthoridLi, X=42961803500en_HK
dc.identifier.scopusauthoridRadhakrishnan, S=35846986500en_HK
dc.identifier.scopusauthoridShin, H=42962296800en_HK
dc.identifier.scopusauthoridZhang, J=42962851600en_HK
dc.identifier.citeulike9486483-

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