Changes in the Information Efficiency of Stock Prices: Additional Evidence

13 Pages Posted: 18 Jan 2010

See all articles by Richard A. DeFusco

Richard A. DeFusco

University of Nebraska at Lincoln - Department of Finance

Suchi Mishra

affiliation not provided to SSRN

Kannan Raghunandan

Florida International University (FIU) - School of Accounting

Abstract

Previous research shows, using data from three quarters after the implementation of regulation fair disclosure (Reg FD), that there is an improvement in the informational efficiency of stock prices after Reg FD. We compare the informational efficiency of stock prices in four pre-Reg FD quarters (1999–2000) and 12 post-Reg FD quarters (2002–2005). The improvement in the informational efficiency of stock prices previously reported in the immediate aftermath of Reg FD persists in later periods.

Suggested Citation

DeFusco, Richard A. and Mishra, Suchi and Raghunandan, Kannan, Changes in the Information Efficiency of Stock Prices: Additional Evidence. Financial Review, Vol. 45, Issue 1, pp. 153-165, February 2010, Available at SSRN: https://ssrn.com/abstract=1536843 or http://dx.doi.org/10.1111/j.1540-6288.2009.00241.x

Richard A. DeFusco (Contact Author)

University of Nebraska at Lincoln - Department of Finance ( email )

Lincoln, NE 68588-0490
United States
402-472-6763 (Phone)

Suchi Mishra

affiliation not provided to SSRN

No Address Available

Kannan Raghunandan

Florida International University (FIU) - School of Accounting ( email )

University Park
11200 SW 8th Street
Miami, FL 33199
United States
305-348-2582 (Phone)

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