Role of Financial Disclosure an Company`s Value: Event Study of Russian Market

Student: Bagdasarova Mariya

Faculty: International College of Economics and Finance

Educational Programme: International Programme in Economics and Finance (Bachelor)

Year of Graduation: 2024

The study is dedicated to the impact of a temporary regulatory change regarding mandatory disclosure of financial reports for Russian companies in 2022. Our analysis examines the supply and demand side of the event to evaluate how agents react to voluntary disclosure of accounting information. We evaluate the reaction of market investors to the announcement of non-disclosure using the framework of event study of cumulative abnormal returns within the event window. The decision of the firms whether to publish voluntary financial reports is considered with respect to performance measures and company characteristics observed only by the firm in the framework of the Probit model.

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