简介:Inthecontextofapushtowardsfulldisclosurebytheregulatoryauthoritiesofsecuritiesmarkets,weevaluatetheeffectivenessofcorporatedisclosurepolicybyexaminingthe'filtereffect'.Controllingforfirmsizeandearningschanges,weconductanempiricaltestofvariousdisclosureoptions.OurresultsshowsthattherecentincreaseindisclosurefrequencyinmainlandChina'ssecuritiesmarketshasnotyetachieveditsanticipatedobjective.Disclosurequalityremainslowandsmallfirmsoftenmanipulatetheirstockpricesthroughselectivereleaseofinformation.