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The Processing of Information in Financial Disclosures - The use of bullet points

Hill-Derive, Anouchka
(2024)

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HILLDERIVE_44151900_2024.pdf
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Details

Supervisors
Thewissen, James
Faculty
Louvain School of Management
Degree label
Master [120] : ingénieur de gestion, à finalité spécialisée
Abstract
Financial reporting is important for communication between companies and investors as it helps to minimise information asymmetry. However, the way these disclosures are prepared also has an impact on investors. In this paper, we explore structural aspects of financial reporting, focusing on the impact of bullet points on the stock market, information asymmetry and market efficiency. Bullet points are intuitive shortcuts that improve comprehension and memory. Using regression analysis, we find a significant concave relationship between the number of bullet points, stock prices and financial analysts' forecast errors. Our results support the idea that well-structured financial information promotes smooth trading and market efficiency. This study adds new insights to the financial information literature by shedding light on the impact of structured information on market reactions.