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dc.contributor.authorWatanabe, Olena V.
dc.contributor.authorImhof, Michael J.
dc.contributor.authorTartaroglu, Semih
dc.identifier.citationOlena V. Watanabe, Michael J Imhof, and Semih Tartaroglu (2019) Transparency Regulation and Stock Price Informativeness: Evidence from the European Union's Transparency Directive. Journal of International Accounting Research: Summer, Vol. 18, No. 2, pp. 89-113en_US
dc.descriptionClick on the DOI link to access the article (may not be free).en_US
dc.description.abstractWe examine changes in stock price informativeness following the European Union’s Transparency Directive (TPD). The TPD, implemented by country between 2007 and 2009, enhanced corporate transparency through mandating regular firm financial disclosures and facilitating the dissemination of financial reports. Using stock return synchronicity as a proxy for stock price informativeness, we find that price informativeness improved following implementation of the TPD. This improvement was more pronounced in countries with strong regulatory environments than those with weak regulatory environments. We additionally examine a later amendment to the TPD that eliminated the requirement of quarterly financial disclosures and document an increase in stock return synchronicity following the amendment. Our findings support prior research suggesting that transparency regulations improve financial information.en_US
dc.description.sponsorshipBarton School of Business Faculty Research Grant program. Professor Watanabe is grateful for the funding provided by the Ivy College of Business at Iowa State University.en_US
dc.publisherAmerican Accounting Associationen_US
dc.relation.ispartofseriesJournal of International Accounting Research;v.18:no.2
dc.subjectStock price informativenessen_US
dc.subjectStock return synchronicityen_US
dc.subjectTransparency regulationsen_US
dc.titleTransparency regulation and stock price informativeness: evidence from the european union’s transparency directiveen_US
dc.rights.holder© 2019, American Accounting Associationen_US

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