Regulation Fair Disclosure and Earnings Information: Market, Analyst, and Corporate Responses
研究美国公平披露规则（Reg FD）实施后，盈利公告期间市场波动无显著变化，但交易量因意见分歧增加；分析师预测分歧扩大，公司自愿披露增多但仅限于当季盈利。
Abstract With the adoption of Regulation Fair Disclosure (Reg FD), market behavior around earnings releases displays no significant change in return volatility (after controlling for decimalization of stock trading) but significant increases in trading volume due to difference in opinion. Analyst forecast dispersion increases, and increases in other measures of disagreement and difference of opinion suggest greater difficulty in forming forecasts beyond the current quarter. Corporations increase the quantity of voluntary disclosures, but only for current quarter earnings. Thus, Reg FD seems to increase the quantity of information available to the public while imposing greater demands on investment professionals.