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March 18, 2026The Accounting Review

The Information Content of Annual Reports: A Price and Trading Response Analysis.

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Authors

WCWilliam M. CreadyThe University of Texas at DallasPMPatricia G. MynattUniversity of North Carolina at Charlotte

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Implication

This research analyzes price and trading responses to annual reports, suggesting implications for various investor groups.

Key Points

  • This research aims to explore how markets react to annual reports by assessing both price and trading behaviors.
  • Analyzed security market responses around annual report release dates
  • Measured price responses using unexpected returns and market models
  • Estimated trading measures, including number of transactions and mean transaction size
  • Conducted simulation analyses to validate response metrics
  • Found significant increases in the number of transactions around annual report dates
  • No evidence of a significant price response or volume change at report dates
  • Predominantly smaller transactions indicated greater annual report value for less wealthy individual investors

Cite This Study

Cready et al. (1991) studied this question.

synapsesocial.com/papers/69ba43384e9516ffd37a4379https://doi.org/10.2308/tar-9605070382
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Also Consider

Synapse has enriched 5 closely related papers on similar clinical questions. Consider them for comparative context:

  1. 1The Communicative Effectiveness of Consistency Exceptions.1972
  2. 2Some Evidence on Investor Actions and Accounting Messages-Part II.1971
  3. 3To Change or Not to Change: The Informativeness of REIT Annual Reports2024 · 5 citations
  4. 4Market Response to Environmental Information Produced Outside the Firm .1983 · 7 citations
  5. 5A Note on the Informational Content of Corporate Annual Earnings Forecasts.1978