Financial statement filing lags: An empirical analysis among small firms

This article examines financial statement filing lags among a sample of Belgian small firms. Our results indicate that around one-third of small firm financial statements are filed late (after the legal deadline), but that monetary sanctions could be an effective tool to encourage compliance with legal deadlines. Whereas the deadline and late filing sanctions are filing incentives, various factors, such as firm size and presence of an external financial statement audit, also affect financial statement filing lags. Evidence indicated that extremely late filings were associated with lower financial statement quality. </jats:p

Forty-Third Annual Report of the Receipts and Expenditures of the City of Westbrook for the Fiscal Year Ending December 31, 1933 Together With Other Annual Reports

In this study we investigate how the publication of verified emissions in the European Emissions Trading Scheme (EU ETS) affected stock prices of covered companies. Based on a unique sample of 368 listed companies located in 25 countries, the event study results demonstrate that 2 out of 6 publication events over the period 2006-2011 resulted in statistically significant market responses. The two significant events were the first publication of verified emissions in the first phase, a pilot period that ran from 2005 to 2007, and the first publication in the second phase, coinciding with the Kyoto Protocol commitment period and comprising the years 2008 to 2012. These findings indicate that investors value particularly the information revealed at the first verification event of each EU ETS phase and that subsequent verification events are less informative. The cross-section analysis of abnormal returns surrounding the publication of verified emissions reveals a positive correlation between the market reaction and the level of excess allowances. Contrary to expectations, we find no evidence of a negative association between unanticipated verified emissions and abnormal returns. The talk is based on joint work with Frederiek Schoubben, Cynthia Van Hulle and Steve Van Uytbergen.status: publishe

Empirical research on market efficiency with respect to accounting information: a critical survey of the literature

nrpages: 77status: publishe

Empirical research on the efficient stock markets hypothesis: the state of affairs

nrpages: 59status: publishe