The Informativeness of Quarterly Financial Reporting: The Portuguese Case

Carlos Alves () and F. Teixeira dos Santos ()
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F. Teixeira dos Santos: Faculdade de Economia, Universidade do Porto and LIACC/UP

FEP Working Papers from Universidade do Porto, Faculdade de Economia do Porto

Abstract: With the Directive 2004/109/EC, of December 15, 2004 – Transparency Directive –, the European Union decided not to require listed companies to disclose financial information in the first and third quarters of each year. Each EU country now has to decide whether to oblige its companies to disclose this information. Using a sample of 1751 firm-earnings announcements between 1994 and 2004, this paper ascertains the informativeness of quarterly financial reporting in Portugal, one of the seven European countries where the disclosure of such information is currently compulsory in all quarters. Evidence suggests that the information of the first and third quarters, both in terms of price volatility and trading volume, is significant and not inferior to that of the remaining earnings announcements.

Keywords: Capital markets-based research; interim accounting disclosure; market reaction; market regulation (search for similar items in EconPapers)
JEL-codes: G14 G18 M49 (search for similar items in EconPapers)
Pages: 32 pages.
Date: 2005-06
New Economics Papers: this item is included in nep-fin
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