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This study uses the unique setting of unusual market activity (UMA) replies to examine the market reaction and the effects of disclosure and investor protection amid information uncertainty.

A total of 1527 hand-collected UMA replies from the interlinked stock exchanges of Indonesia, Malaysia, Thailand and Singapore for the period of 2015–2017 were analysed using event study and Heckman two-step methods with market and matched control firm benchmarks.

The overall results support the uncertain information hypothesis. The UMA replies with new information were also found to reduce information uncertainty, but not information asymmetry, and they are complementary to investor protection in enhancing abnormal returns. The overall finding suggests that the UMA public query system can be an effective market intervention mechanism in improving information certainty and efficiency.

This study provides insight on the effects of news replies and investor protection on abnormal returns, and support for the uncertain information hypothesis. The finding is useful to policymakers and stock exchanges as they seek to understand how to alleviate investors' anxiety and to create an informationally efficient market. Nevertheless, this study is limited by the extensiveness of the hand-collected UMA replies and also the potential issue of simultaneity-induced endogeneity.

This study uses UMA replies and cross-country data taking into account the effects of market surroundings such as information uncertainty and the level of investor protection on market reaction.

The purpose of this paper is to investigate the impacts of Financial Reporting Standards (FRS)139 adoption on value relevance of financial reporting for non-financial public listed companies in Malaysia.

Multiple regressions were applied in this study to explore the value relevance of financial reporting upon FRS139 adoption.

The finding indicates that book value of equity and net income after tax are significant in jointly explaining the variations associated with market value for both the pre- and post-FRS139 period. However, the role of the book value of equity and the balance sheet in stock market valuation is becoming increasingly important compared with the role of net income after tax and income statement upon mandatory adoption of FRS139.

This study provides relevant insights into the potential consequences of FRS139 adoption in Malaysia. This is a significant event in the history of financial reporting in Malaysia. Given the importance and complexity of applying IAS39 in more developed countries, the results of this study add to current literature by providing a comprehensive empirical analysis on the effects of FRS139 adoption on financial reporting in Malaysia, a developing country where the economy is smaller, the financial market less efficient, and institutional settings different from developed countries.