The Timing of Annual Report Disclosure:Characteristics and Economic Consequences——Evidence from Two Stock Exchanges in China

This paper analyzes the annual reports(from 1997 to 2011)of firms listed on two stock exchanges in China and reveals four significant characteristics of disclosure timing.These characteristics have significant economic implications for stock market movement,including positive contributions to stock price,trading volume and abnormal return.It thereby demonstrates that the CSRC’s"balanced disclosure"policy has not been working as expected and needs further review and improvement.