Earnings and Price Discovery in the Post-Reg. FD Information Environment: A Preliminary Analysis

Priority Dissemination of Public Disclosures

The Accounting Review ◽

10.2308/accr-51139 ◽

2015 ◽

Vol 90 (6) ◽

pp. 2235-2266 ◽

Cited By ~ 8

Author(s):

Bei Dong ◽

Edward Xuejun Li ◽

K Ramesh ◽

Min Shen

Keyword(s):

Price Discovery ◽

Market Liquidity ◽

Data Availability ◽

Good News ◽

Unintended Effects ◽

Press Releases ◽

Privileged Access ◽

Playing Field ◽

Public Disclosures ◽

Reg Fd

ABSTRACT This study examines the unintended effects of a pre-Reg FD practice that gave a broad group of sophisticated market participants 15-minute earlier access to all corporate press releases than the general public. We find that roughly one-eighth of the price discovery to earnings announcements issued during regular trading hours was due to privileged access to information in earnings press releases, with the 15-minute priority dissemination contributing to just over 50 percent of price discovery from all privileged access. In addition, we find that transient institutions benefited from priority dissemination, especially when the earnings contained good news. Finally, consistent with economic theory, we find that intraday bid-ask spreads decreased post-Reg FD for firms that had sufficient market liquidity to allow trading opportunities during the 15-minute window. Our study has implications for current discussions on whether preferential information distribution by firms and information intermediaries creates an uneven playing field among investors. Data Availability: The data used in this study are available from the public sources identified in the paper JEL Classifications: D82; G14; K22; M45.

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FeXIV Line Emission Polarization of the July 11, 1991 Solar Corona

International Astronomical Union Colloquium ◽

10.1017/s0252921100026002 ◽

1994 ◽

Vol 144 ◽

pp. 541-547

Author(s):

J. Sýkora ◽

J. Rybák ◽

P. Ambrož

Keyword(s):

High Resolution ◽

Solar Corona ◽

Emission Line ◽

Solar Eclipse ◽

White Light ◽

Preliminary Analysis ◽

Line Emission ◽

Total Solar Eclipse ◽

Degree Of Polarization ◽

High Resolution Images

AbstractHigh resolution images, obtained during July 11, 1991 total solar eclipse, allowed us to estimate the degree of solar corona polarization in the light of FeXIV 530.3 nm emission line and in the white light, as well. Very preliminary analysis reveals remarkable differences in the degree of polarization for both sets of data, particularly as for level of polarization and its distribution around the Sun’s limb.

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AAC Supports for Individuals With Rett Syndrome Across the Lifespan

Perspectives on Augmentative and Alternative Communication ◽

10.1044/aac24.3.74 ◽

2015 ◽

Vol 24 (3) ◽

pp. 74-85

Author(s):

Sandra M. Grether

Keyword(s):

Rett Syndrome ◽

Communication Skills ◽

Preliminary Analysis ◽

Multidisciplinary Approach ◽

Motor Deficits ◽

Complex Profile ◽

Communication Behaviors ◽

The Individual

Individuals with Rett syndrome (RS) present with a complex profile. They benefit from a multidisciplinary approach for diagnosis, treatment, and follow-up. In our clinic, the Communication Matrix © (Rowland, 1990/1996/2004) is used to collect data about the communication skills and modalities used by those with RS across the lifespan. Preliminary analysis of this data supports the expected changes in communication behaviors as the individual with RS ages and motor deficits have a greater impact.

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