أثر توقيت الإفصاح عن القوائم المالية على أسعار الأسهم و حجم التداول : دراسة تطبيقية على الشركات المساهمة العامة الأردنية

الملخص EN

This paper examines the behavior of returns of firms listed in the Amman Stock Exchange (ASE), around the annual reports disclosure period.

In addition, the paper examines the effect of timing of annual report announcements on securities' returns and volume of shares traded.

Since the annual reports are expected to disseminate important information on internal operations of firms to the public, the disclosure of information through the annual reports, and the timing of these reports are considered important in the decision making process of investors.

To reduce the effect of price limits set by the ASE, the paper examines the effect of annual reports disclosure on the volume of shares traded.

The paper followed the event study methodology to examine the behavior of both the returns and volume of shares around the disclosure of 104 annual reports over the period 2000 to 2002.

Results show a statistically significant and positive effect on the volume of shares traded during the second and third days following the annual reports' disclosure.

Also, the results show a difference in volume response to the timing of annual report disclosure.

Therefore, firms that disclosed their annual reports early to the market had a statistically significant and positive effect on volume, while firms that disclosed their annual reports later in the year have not affected the volume significantly.

The results, however, find no statistically significant effect of annual report disclosure on securities' returns.

Also, the results show no significant effect of timing of annual report disclosure on security returns.

The researchers expected that one reason behind not finding a significant effect on securities' return might be due to the limits set by the ASE on security prices which lead to semi strong market inefficiency with respect to reports disclosure.