Value-Relevance and Timeliness of Financial Information Under Different Information Regimes
Posted: 21 Aug 2000
Date Written: August 2000
Most agree that value-relevance and timeliness are two important and desirable attributes of financial information. In this study, we examine the value-relevance and timeliness of financial information under different information regimes: distinct trading mechanisms and different levels of ownership concentration. We take advantage of a unique setting - companies listed on the Tel Aviv Stock Exchange (TASE) characterized by a high ownership concentration, and availability of two distinct trading methods. The setting is also characterized by a relatively high quality of financial reporting and a low level of analysts' coverage, which allows an examination of accounting attributes in the absence of other sources of information.
JEL Classification: G12, G14, G29, G32, M41
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