Notice of RetractionThe Impact of Promulgating Regulation Fair Disclosure on Stock Return: Evidence from SME Board in China´s Shenzhen Exchange

Notice of Retraction

After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.

We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.

The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.

The promulgation of regulation fair disclosure of itself is a kind of information, having impact on the behavior of the securities market participants. Taking advantage of SME board listing of companies regulation fair disclose guidelines, adopting the event study method, this paper empirically tested whether it had influenced the stock return of China´s Shenzhen SME board. In this paper, the phenomenon of the guidelines dropping the stock return of the firms in selected sample is found, which suggests the implementation of the regulation results in the negative impact on the security market of SME board of Shenzhen exchange. Our study explores some evidence for the necessary to further perfection of regulation fair disclosure.