Capital market response to high quality annual reporting: evidence from UK annual report awards
研究发现，获得年度报告奖项提名的公司，其年报发布后市场反应更弱，因为这些公司全年更及时地披露信息，高质量年报反映了更优的投资者沟通流程。
We examine the capital market response to the publication of annual reports shortlisted for corporate reporting awards. We find weaker capital market reactions to the publication of shortlisted annual reports compared with a matched sample of non-shortlisted annual reports, consistent with shortlisted reports containing similar or less price sensitive information relative to non-shortlisted reports. Further analysis shows that firms publishing shortlisted reports are more likely to release information to investors in a timelier manner throughout the financial year. We complement our archival empirical analysis with interview evidence from FTSE350 executives and consultants to shed light on the motives for investing in high-quality annual reports. Collectively, our results support the view that high quality annual reporting reflects superior firm-level investor communication processes and that the broader corporate reporting cycle shapes the information role of firm reporting.