Does the medium matter? The relations among bankruptcy petition filings, broadtape disclosure, and the timing of price reactions

• 成果类型: Article
• 署名作者: Dawkins, MC; Bamber, LS
• 署名单位: University System of Georgia; University of Georgia
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/0022-1082.00047
• 发表日期: 1998
• 页码: 1149-1163
• 关键词: QUALIFIED AUDIT OPINIONS; stock returns; announcements; INFORMATION; FIRMS

摘要

Drawing on a comprehensive sample of 330 bankruptcy petition filings from 1980 to 1993, we find that most of the market reaction does not occur on the bankruptcy petition filing date when the information becomes publicly available. Rather, most of the reaction occurs when news of the bankruptcy filing is more widely disseminated via the Broadtape. This Broadtape announcement effect persists after controlling for firm size, exchange listing, and predisclosure information. These are primarily timing differences since abnormal returns cumulated over an Ii-day window centered on the filing date do not differ significantly across Broadtape disclosure date classifications.