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March 18, 2026The Accounting Review

The Effect of Financial Disclosure Regulation on Security Market Behavior.

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Authors

RIRobert W. IngramUniversity of IowaECEugene G. ChewningUniversity of South Carolina

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Implication

Examines the impact of financial disclosure regulations on investor behavior, suggesting significant market changes.

Key Points

  • The research aims to investigate how financial disclosure regulations affect investor behavior as reflected by security returns.
  • Analyzed effects of the Securities Act of 1933 and the Securities Exchange Act of 1934.
  • Examined percentage of annual cumulative abnormal returns before and after the Acts.
  • Used fiscal years from 1926-1940 for pre- and post-Act comparisons.
  • Implemented various sampling and testing procedures.
  • Positive cumulative abnormal returns occurred earlier in pre-Act periods compared to post-Act periods.
  • Cumulative abnormal returns' responses varied significantly between the tested periods.
  • Results remained consistent across different testing approaches.

Cite This Study

Ingram et al. (1983) studied this question.

synapsesocial.com/papers/69ba434a4e9516ffd37a469chttps://doi.org/10.2308/tar-4486776
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Also Consider

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

  1. 1The Impacts of Accounting Regulation on Bondholder and Shareholder Wealth: The Case of the Securities Acts.1983 · 2 citations
  2. 2Financial Reporting Effects of the 1934 Securities Exchange Act2026
  3. 3The SEC and Mandated Disclosure: At the Crossroads.1987
  4. 4Does Securities Regulation Matter? Mandatory Disclosure, Excess Stock Volatility, and the US Securities Exchange Act of 19342026
  5. 5A Test of Government Regulation of Accounting Principles.1975