财务会计研究展示-敌纶8组-自愿性信息披露.pptVIP

Why Firms Voluntarily Disclose  Bad News?;;;;;; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ;Voluntary disclosures of 93 NASDAQ National Market System (NMS) firms during the 1980s.;Why NASDAQ?;;Descriptive statistics;So Quarterly disclosures tend to convey bad news while Annual disclosures tend to convey good news.;Results ——relation between form of disclosure and sign of news;Results ——bias caused by the Q4 disclosures;Results ——conclusions of Hyp