Investigating the Market reaction to Disclosure of Important Information

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NASIRZADEH FARZANEH; Mousavi Gouki S. Ali

مرکز اطلاعات علمی Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

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Journal: JOURNAL OF ACCOUNTING KNOWLEDGE Year:2017 | Volume:8 | Issue:3 (30) Page(s): 53-80

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Title

Investigating the Market reaction to Disclosure of Important Information

Author(s)

NASIRZADEH FARZANEH | Mousavi Gouki S. Ali | Issue Writer Certificate

Keywords

Mandatory DisclosureQ2

Important InformationQ1

Market ReactionsQ1

Abnormal ReturnsQ2

AnnouncementsQ1

Abstract

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.

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APA: Copy

NASIRZADEH, FARZANEH, & Mousavi Gouki, S. Ali. (2017). Investigating the Market reaction to Disclosure of Important Information. JOURNAL OF ACCOUNTING KNOWLEDGE, 8(3 (30) ), 53-80. SID. https://sid.ir/paper/163344/en

Vancouver: Copy

NASIRZADEH FARZANEH, Mousavi Gouki S. Ali. Investigating the Market reaction to Disclosure of Important Information. JOURNAL OF ACCOUNTING KNOWLEDGE[Internet]. 2017;8(3 (30) ):53-80. Available from: https://sid.ir/paper/163344/en

IEEE: Copy

FARZANEH NASIRZADEH, and S. Ali Mousavi Gouki, “Investigating the Market reaction to Disclosure of Important Information,” JOURNAL OF ACCOUNTING KNOWLEDGE, vol. 8, no. 3 (30) , pp. 53–80, 2017, [Online]. Available: https://sid.ir/paper/163344/en

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