Beschreibung:
<jats:p> Continuous corporate reporting is gaining prominence in the current real-time reporting environment. This has added a new dimension to corporate reporting, the frequency with which firms report their material information. The purpose of this study is to assess the impact of frequency of online material information disclosures on market efficiency. Our measure of frequency of online material information disclosures is the monthly frequency of corporate announcements via stock exchange Web sites. Our measures of market efficiency are monthly market adjusted absolute returns, monthly trading volume, and monthly average of daily bid-ask spread. We find that the frequency of announcements is positively associated with returns and volume metrics and negatively associated with bid-ask spread. We infer from the results that the frequency of material online disclosures has a beneficial impact on market efficiency. </jats:p>