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Rate of return and information asymmetry around multiple

Rate of return and information asymmetry around multiple 2026

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The document OC13085 presents an empirical analysis of the market reactions to multiple restatement announcements by firms, focusing on both short-term and long-term effects. It highlights that companies making multiple restatements face significant negative market reactions, particularly in the short term, with cumulative abnormal returns declining sharply around announcement dates. The study also examines information asymmetry, finding that bid-ask spreads widen prior to announcements. Over the long term, however, the market appears to have a short memory, as many firms begin to recover and show positive returns after 90 days. The research utilizes data from GAO reports and employs event study methodology to assess abnormal returns and spread behavior.

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