Quotation d'Arcy, Anne, Grabensberger, S. 2002. The Quality of Neuer Markt Quarterly Reports - an Empirical Investigation. Working Paper Series Finance and Accounting. Johann Wolfgang Goethe-Universität. Frankfurt.


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Abstract

When compared with its prior performance, the year 2001 is not one of the best years for the Neuer Markt. The Neuer Markt's reputation has been marred by the practice of several companies on the exchange that have published misleading information in the form of incomplete annual and quarterly data. In this study, we examine the quality of Neuer Markt quarterly reports by concentrating on the disclosure level of 47 Neuer Markt companies' reports for the third quarter of 1999, 2000, and 2001. To enable making comparisons, we have established four disclosure indexes that measure each report's compliance with the Neuer Markt Rules and Regulations (NM Rules and Regulations) as well as with International Accounting Standards (IAS) and U.S. Generally Accepted Accounting Principles (U.S. GAAP) interim reporting standards. We then attempt to find typical attributes of Neuer Markt enterprises that provide high or low level of disclosure accounting information in their quarterly reports. The results demonstrate that the level of disclosure has increased over time, partly in response to additional enforcement. In this regard, the quarterly reports standardization project of Deutsche Boerse is an important landmark in satisfying investors' information needs.

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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Working/discussion paper, preprint
Language English
Title The Quality of Neuer Markt Quarterly Reports - an Empirical Investigation
Title of whole publication Working Paper Series Finance and Accounting. Johann Wolfgang Goethe-Universität. Frankfurt
Year 2002

Associations

People
d'Arcy, Anne (Details)
External
Grabensberger, S
Organization
Corporate Governance IN (Details)
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