The Efficacy of Regulation Fair Disclosure
研究美国证监会公平披露规则对管理层自愿披露前后信息泄露的影响，发现该规则减少了大型企业的信息泄露，支持了其立法初衷。
Abstract This paper examines the impact of Securities and Exchange Commission's Regulation Fair Disclosure (FD) on information leakage around voluntary management disclosures. We find a positive correlation between stock returns two days before and after the voluntary disclosure in the pre‐Regulation FD period, but not in the post‐Regulation FD period. After Regulation FD is implemented, pre‐announcement abnormal return as a percentage of total return decreases by 26.1 % ( 21.4 %) for large firms with good (bad) news, suggesting that the amount of information leakage reduces for these firms. These findings provide support for the premise and the intended purpose of the regulation for large firms.