Information Leakage Prior to Company Issued Guidance
研究发现，即使在公平披露规则实施后，公司管理层发布公开业绩指引前仍存在信息泄露，且在公司特征、指引性质或行业信息不对称程度较高时更为明显。这种部分泄露可用于预测即将发布的指引内容，基于此构建的交易策略在规则实施后仍有效。
We find that information leakages prior to public guidance issued by company management exist even after Regulation Fair Disclosure (FD), and are more pronounced when characteristics of the firm, the guidance, or the industry reflect higher levels of information asymmetry. Since public guidance is only partially leaked, this information leakage can be used to anticipate the information content of the impending public guidance. We simulate a trading strategy based on the preguidance leakage in the period after Regulation FD, which suggests that information leakage is an effective signal of the information content within impending public guidance.