The impact of increased voluntary disclosure on market information asymmetry, informed trading and uninformed trading

Article

Cheng, Eugene C. M., Courtenay, Stephen M. and Krishnamurti, Chandrasekhar. 2006. "The impact of increased voluntary disclosure on market information asymmetry, informed trading and uninformed trading." Journal of Contemporary Accounting and Economics. 2 (1), pp. 33-72. https://doi.org/10.1016/S1815-5669(10)70016-3
Article Title

The impact of increased voluntary disclosure on market information asymmetry, informed trading and uninformed trading

ERA Journal ID18570
Article CategoryArticle
AuthorsCheng, Eugene C. M. (Author), Courtenay, Stephen M. (Author) and Krishnamurti, Chandrasekhar (Author)
Journal TitleJournal of Contemporary Accounting and Economics
Journal Citation2 (1), pp. 33-72
Number of Pages40
Year2006
PublisherElsevier
Place of PublicationNetherlands
ISSN1815-5669
Digital Object Identifier (DOI)https://doi.org/10.1016/S1815-5669(10)70016-3
Web Address (URL)http://www.sciencedirect.com/science?_ob=MiamiImageURL&_cid=278659&_user=1472215&_pii=S1815566910700163&_check=y&_origin=search&_coverDate=30-Jun-2006&view=c&wchp=dGLzVlB-zSkWA&md5=d0cb0c0eb4348633f7e410ba3e70d5f8/1-s2.0-S1815566910700163-main.pdf
Abstract

We document a negative relation between voluntary disclosure and proxies of information asymmetry, showing that transitory voluntary disclosure matters. Informed and uninformed trading factors are isolated from the variability of the proxies. Our analysis demonstrates that higher levels of informed trading increase bid-ask spreads, trading volume and price volatility whereas higher levels of uninformed trading reduce spreads and increase trading volume. The results suggest that while increased voluntary disclosure reduces adverse selection and lowers the level of informed trading, transaction cost and risk, average trading volume may lessen due to diminished informed
trading activity.

Keywordsinformation asymmetry; share trading; volatility
ANZSRC Field of Research 2020350202. Finance
350208. Investment and risk management
380107. Financial economics
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Byline AffiliationsCitigroup, United States
Labraway Associates, United States
Monash University
Institution of OriginUniversity of Southern Queensland
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