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The effectiveness of Regulation FD
16 references·16 citing·43 second hopsampled
The effectiveness of Regulation FD (2004)The effectiveness of Regulation FDThe Econometrics of Financial Markets (2012)The Econometrics of Financial…Analyzing the Analysts: Career Concerns and Biased Earnings Forecasts (2003)Analyzing the Analysts: Caree…Earnings Surprises, Growth Expectations, and Stock Returns or Don't Let an Earnings Torpedo Sink Your Portfolio (2002)Earnings Surprises, Growth Ex…Rationality and Analysts' Forecast Bias (2001)Rationality and Analysts' For…Analyst Coverage and Intangible Assets (2001)Analyst Coverage and Intangib…Earnings Surprises, Growth Expectations, and Stock Returns: Don't Let an Earnings Torpedo Sink Your Portfolio (1999)Earnings Surprises, Growth Ex…Do Brokerage Analysts' Recommendations Have Investment Value? (1996)Do Brokerage Analysts' Recomm…Analysts' Decisions As Products of a Multi-Task Environment (1993)Analysts' Decisions As Produc…The investment opportunity set and corporate financing, dividend, and compensation policies (1992)The investment opportunity se…Reputation and Performance Among Security Analysts (1992)Reputation and Performance Am…Why Does Stock Market Volatility Change Over Time? (1989)Why Does Stock Market Volatil…Why Does Stock Market Volatility Change Over Time? (1989)Why Does Stock Market Volatil…Corporate Forecasts of Earnings Per Share and Stock Price Behavior: Empirical Test (1976)Corporate Forecasts of Earnin…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…The Information Content of Annual Earnings Announcements (1968)The Information Content of An…An Empirical Evaluation of Accounting Income Numbers (1968)An Empirical Evaluation of Ac…Informing the Market: The Effect of Modern Information Technologies on Information Production (2019)Informing the Market: The Eff…How does analysts' forecast quality relate to corporate investment efficiency? (2016)How does analysts' forecast q…Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement (2016)Capital-Market Effects of Sec…Analysts’ Forecasts and Asset Pricing: A Survey (2016)Analysts’ Forecasts and Asset…Earnings Management Constraints and Classification Shifting (2014)Earnings Management Constrain…Stock Returns after Major Price Shocks: The Impact of Information (2011)Stock Returns after Major Pri…Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement (2011)Capital-Market Effects of Sec…Customer Satisfaction, Analyst Stock Recommendations, and Firm Value (2010)Customer Satisfaction, Analys…On the information role of stock recommendation revisions (2009)On the information role of st…Conflicts of Interest and Stock Recommendations: The Effects of the Global Settlement and Related Regulations (2009)Conflicts of Interest and Sto…Private Earnings Guidance and Its Implications for Disclosure Regulation (2007)Private Earnings Guidance and…Information asymmetry, information dissemination and the effect of regulation FD on the cost of capital (2007)Information asymmetry, inform…Who Is Afraid of Reg FD? The Behavior and Performance of Sell‐Side Analysts Following the SEC’s Fair Disclosure Rules* (2006)Who Is Afraid of Reg FD? The …Value of analyst recommendations: International evidence (2006)Value of analyst recommendati…SEC Regulation Fair Disclosure, information, and the cost of capital (2006)SEC Regulation Fair Disclosur…Re-examining the effects of regulation fair disclosure using foreign listed firms to control for concurrent shocks (2006)Re-examining the effects of r…Determinants of corporate borrowing (1977)Corporate financing and investment decisions when firms have information that investors do not have (1984)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Higher market valuation of companies with a small board of directors (1996)Corporate governance, chief executive officer compensation, and firm performance (1999)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)Measuring security price performance (1980)Earnings Management During Import Relief Investigations (1991)Event Studies in Economics and Finance (1997)Does the Stock Market Overreact? (1985)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)The Categorical Imperative: Securities Analysts and the Illegitimacy Discount (1999)Investor Psychology and Asset Pricing (2001)… and the Cross-Section of Expected Returns (2015)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)On Persistence in Mutual Fund Performance (1997)Performance Pay and Top-Management Incentives (1990)Underwriting relationships, analysts' earnings forecasts and investment recommendations (1998)Good Day Sunshine: Stock Returns and the Weather (2003)Why Has IPO Underpricing Changed Over Time (2004)Who Blows the Whistle on Corporate Fraud? (2010)Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends? (1980)Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation (1982)Expected stock returns and volatility (1987)Conditional Heteroskedasticity in Asset Returns: A New Approach (1991)ARCH modeling in finance (1992)The Cross‐Section of Volatility and Expected Returns (2006)Contrarian Investment, Extrapolation, and Risk (1994)Investor Psychology and Security Market Under‐ and Overreactions (1998)Driven to Distraction: Extraneous Events and Underreaction to Earnings News (2009)Managing the Message: The Effects of Firm Actions and Industry Spillovers on Media Coverage Following Wrongdoing (2012)Wisdom of Crowds: The Value of Stock Opinions Transmitted Through Social Media (2014)The Economic Costs of Conflict: A Case Study of the Basque Country (2003)Giving Content to Investor Sentiment: The Role of Media in the Stock Market (2007)Market Liquidity and Funding Liquidity (2008)Using daily stock returns (1985)Capital markets research in accounting (2001)Efficient Capital Markets: II (1991)
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References

  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1968An Empirical Evaluation of Accounting Income Numbers6,384 cited
  • 2012The Econometrics of Financial Markets5,875 cited
  • 1992The investment opportunity set and corporate financing, dividend, and compensation policies3,591 cited
  • 1989Why Does Stock Market Volatility Change Over Time?3,433 cited
  • 1968The Information Content of Annual Earnings Announcements2,739 cited
  • 1996Do Brokerage Analysts' Recommendations Have Investment Value?1,916 cited
  • 1976Corporate Forecasts of Earnings Per Share and Stock Price Behavior: Empirical Test1,749 cited
  • 2003Analyzing the Analysts: Career Concerns and Biased Earnings Forecasts1,471 cited
  • 2002Earnings Surprises, Growth Expectations, and Stock Returns or Don't Let an Earnings Torpedo Sink Your Portfolio1,471 cited
  • 1989Why Does Stock Market Volatility Change Over Time?1,209 cited
  • 2001Analyst Coverage and Intangible Assets1,078 cited
  • 2001Rationality and Analysts' Forecast Bias1,012 cited
  • 1992Reputation and Performance Among Security Analysts980 cited
  • 1993Analysts' Decisions As Products of a Multi-Task Environment721 cited

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  • 1999Earnings Surprises, Growth Expectations, and Stock Returns: Don't Let an Earnings Torpedo Sink Your Portfolio641 cited
  • Cited by

    • 2016Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement390 cited
    • 2009Conflicts of Interest and Stock Recommendations: The Effects of the Global Settlement and Related Regulations348 cited
    • 2006Value of analyst recommendations: International evidence296 cited
    • 2019Informing the Market: The Effect of Modern Information Technologies on Information Production246 cited
    • 2016Analysts’ Forecasts and Asset Pricing: A Survey241 cited
    • 2009On the information role of stock recommendation revisions239 cited
    • 2011Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement236 cited
    • 2007Private Earnings Guidance and Its Implications for Disclosure Regulation231 cited
    • 2016How does analysts' forecast quality relate to corporate investment efficiency?229 cited
    • 2006Who Is Afraid of Reg FD? The Behavior and Performance of Sell‐Side Analysts Following the SEC’s Fair Disclosure Rules*218 cited
    • 2010Customer Satisfaction, Analyst Stock Recommendations, and Firm Value210 cited
    • 2011Stock Returns after Major Price Shocks: The Impact of Information208 cited
    • 2007Information asymmetry, information dissemination and the effect of regulation FD on the cost of capital197 cited
    • 2006SEC Regulation Fair Disclosure, information, and the cost of capital180 cited
    • 2014Earnings Management Constraints and Classification Shifting166 cited
    • 2006Re-examining the effects of regulation fair disclosure using foreign listed firms to control for concurrent shocks163 cited