The Effect of Mandatory Quarterly Reporting on Firm Value
利用新加坡2003年上市规则变更，通过断点回归发现强制季度报告使小公司价值下降5%，未发现信息收益或短视投资证据，但存在正向信息溢出效应。
ABSTRACT We exploit a regulatory change in Singapore to analyze the capital market effects of mandatory quarterly reporting. The listing rule implemented in 2003 has required firms with a market capitalization above S$75 million—but not firms with a market capitalization below this threshold—to publish quarterly financial statements. Using regression discontinuity analysis for our identification, we provide novel evidence of the causal effects of mandatory quarterly reporting on small firms. We find a 5 percent decrease in firm value, consistent with the notion that mandatory quarterly reporting is perceived as a net burden for small firms. Contrary to popular belief, we cannot find evidence of informational benefits or myopic investment for firms around the threshold. Additional tests suggest positive information spillover effects from large mandatory quarterly reporters to non-quarterly reporting firms. JEL Classifications: M41; M48.