Financial Reporting Complexity and Investor Underreaction to 10-K Information
Abstract
We study the immediate and delayed market response to SEC EDGAR 10-K filings. Unusual trading volumes and stock price movements are documented during the days around the 10-K filing dates. The abnormal price movements are positively associated with future accounting profitability, indicating that 10-K filings contain useful information about future firm performance. In addition, investors' reaction to 10-K information seems sluggish, as...
Paper Details
Title
Financial Reporting Complexity and Investor Underreaction to 10-K Information
Published Date
Jan 1, 2007
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