Investor perceptions of mandatory quarterly interim management statements
研究英国投资者对强制性季度中期管理声明的反应，发现投资者对强制实施反应负面、对自愿化反应正面，表明他们认为这种一刀切的强制披露净成本大于收益。
Interim Management Statements (IMS), which only require discretionary and stylized quarterly disclosure, represent a less stringent regime than the conventional quarterly reporting. This study investigates whether mandatory quarterly IMS overall benefit or cost investors in the UK. Specifically, we examine share price reactions to the events leading to the mandate and voluntarization of quarterly IMS. We find that UK investors react negatively to the mandate and positively to the voluntarization. Cross-sectional analyses suggest that this reaction varies with the firm’s compliance cost, investment level, and other factors that influence investors’ information demand. We also find firms reduced their information disclosure after the voluntarization. Overall, our results are consistent with the premise that investors perceive one-size-fits-all mandatory quarterly IMS as a net cost.