Quality of Financial Information and Liquidity
作者： Katsiaryna Salavei Bardos
DOI:
关键词: Financial analysis 、 Information asymmetry 、 Market liquidity 、 Financial system 、 Revenue recognition 、 Financial ratio 、 Price level 、 Business 、 Liquidity crisis 、 Earnings management
摘要: This paper examines the relationship between liquidity and quality of financial information by analyzing long-term trends in Amihud’s (2002) illiquidity measure for firms that restate statements. I find most income decreasing restatements increases several months before restatement announcement remains at elevated levels one year after restatement. The result is pronounced listed on NASDAQ. Increase greater upon due to revenue recognition, those prompted party other than auditor, made larger with high volatility returns low price levels. Income increasing do not affect asymmetry firm. Overall, my results indicate a positive liquidity.
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