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Investor Protection and the Information Content of Annual Earnings Announcements: International EvidenceMark L. DeFondUniversity of Southern California - Leventhal School of Accounting Mingyi HungThe Hong Kong University of Science and Technology & University of Southern California Robert TrezevantUniversity of Southern California - Leventhal School of Accounting Journal of Accounting and Economics, Forthcoming Abstract: We draw on the investor protection literature to identify structural factors in the financial reporting environment that are likely to explain cross-country differences in the information content of annual earnings announcements. Using data from over 50,000 annual earnings announcements in 26 countries, we find that annual earnings announcements are more informative in countries with higher quality earnings or better enforced insider trading laws, and that annual earnings announcements are less informative in countries with more frequent interim financial reporting. We also find that, on average, earnings announcements are more informative in countries with strong investor protection institutions.
Number of Pages in PDF File: 46 Keywords: Cross-country event study, Earnings announcement, Price reaction JEL Classification: G12, G14, G15, K22, M41, M47 Accepted Paper SeriesDate posted: September 17, 2004Suggested CitationContact Information
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