Interim Reporting Frequency and Financial Analysts' Expenditures

22 Pages Posted: 23 Mar 2004


This paper relates interim financial reporting frequency in a multiperiod Kyle framework to securities prices, trading volume, market liquidity, and analysts' information acquisition expenditures. The model supports conventional wisdom that more frequent interim reporting improves the information content of securities prices, reduces reporting day price volatility and trading volume, and enhances market liquidity. However, the model suggests that more frequent financial reporting induces analysts to increase their redundant information acquisition expenditures, which may be socially wasteful.

JEL Classification: M41, G29, G12

Suggested Citation

Yee, Kenton K., Interim Reporting Frequency and Financial Analysts' Expenditures. Available at SSRN:

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