Pre-reorganization Information Disclosure and Capital Market Reactions: Evidence from *ST Jiaotou
DOI:
https://doi.org/10.54097/6brh3f85Keywords:
Pre-reorganization; information disclosure; capital market reaction; government-court coordination; *ST Jiaotou.Abstract
Pre-reorganization has become an important institutional arrangement for resolving the debt risks of listed companies, and the quality of information disclosure in this stage directly affects capital-market pricing efficiency. Taking *ST Jiaotou as the case, this paper builds a four-dimensional disclosure evaluation framework based on timeliness, completeness, accuracy, and understandability, and applies a simplified event-study method to measure cumulative abnormal returns at key disclosure nodes. The results show that the company disclosed relatively complete procedural milestones but provided insufficient detail on substantive plan information. The market responded more strongly to the initiation of the procedure and to formal judicial confirmation, whereas reactions to the draft-plan stage were more divided. This suggests that insufficient information amplifies expectation gaps among investors and weakens pricing efficiency.
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