The Relative Information Content of the Release of Financial Results Data by Firms
研究英国上市公司分三阶段发布年度财务结果（初步公告、年报、股东大会）时，各阶段对投资者和债权人的信息含量，补充会计与资本市场文献。
Firms listed on the Stock Exchange in the United Kingdom release information on their annual results in three stages. Initially, a preliminary announcement (PA) is made to the Stock Exchange and to the financial media. The preliminary announcement usually contains information on net profits before and after tax, earnings per share, dividend per share, and sales turnover. Second, some weeks after the release of the PA, firms release their Annual Report and Accounts (ARA); these are mailed to individual shareholders as well as being released to the Stock Exchange and the financial media. Third, a few weeks after the release of the ARA, firms have their Annual General Meetings (AGM). Previous research in the United States has shown that preliminary announcements and annual reports and accounts have an information content for both investors' and lenders and creditors.2 In contrast to the PA and ARA, however, there have been few studies relating to the information content of the Annual General Meeting. The purpose of this paper is to add to the accounting-capital markets literature by examining