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<p>This study examines the impact of corporate disclosure on price efficiency by using a comprehensive ranking system that evaluates over 100 measures across five categories of information disclosure for all publicly listed firms in Taiwan. Addressing sample selection bias, we find that firms exceeding a specific disclosure threshold exhibit enhanced stock price efficiency. Furthermore, our path analysis illustrates that domestic institutions play a more pronounced role than foreign institutions in this relationship. These findings from a quasi-natural experiment have noteworthy policy implications, highlighting the necessity for policymakers to consider the extent of corporate disclosure to improve market quality.</p>

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Corporate disclosure and the informational efficiency of stock prices: New evidence

  • 期刊论文

  • 发表日期：

    2026年4月24日

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  • Ya-Kai Chang,
  • Hsuan-Chi Chen,
  • Min-Hsi Chung

摘要

This study examines the impact of corporate disclosure on price efficiency by using a comprehensive ranking system that evaluates over 100 measures across five categories of information disclosure for all publicly listed firms in Taiwan. Addressing sample selection bias, we find that firms exceeding a specific disclosure threshold exhibit enhanced stock price efficiency. Furthermore, our path analysis illustrates that domestic institutions play a more pronounced role than foreign institutions in this relationship. These findings from a quasi-natural experiment have noteworthy policy implications, highlighting the necessity for policymakers to consider the extent of corporate disclosure to improve market quality.