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Is the Provision of More Timely Earnings Information Good for the Chinese Stock Market? Evidence from Investor Reactions to Management Earnings Forecasts by ZHAO Shunan Master of Philosophy Since 2001, publicly listed companies in China have been required by the Chinese Securities and Regulatory Commission (CSRC), the Shanghai Exchange and the Shenzhen Exchange to issue management earnings forecasts when they anticipate that earnings will be negative or change substantially from the previous period. This study examines the consequences and implications of this disclosure regulation. I find that the earnings forecasts are associated with an earlier incorporation of relevant earnings information into stock prices. However, I also find evidence that is consistent with the presence of overreactions to forecasts of extreme earnings changes. My study offers a cautionary note about the policy of mandating listed firms to issue earnings forecasts in a stock market that is dominated by individual investors. DECLARATION I declare that this is an original work based primarily on my own research, and I warrant that all citations of previous research, published or unpublished, have been duly acknowledged. ( ZHAO Shunan ) May 3, 2012

Is the provision of more timely earnings information good for the Chinese stock market? : evidence from investor reactions to management earnings forecasts