page
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Figure 6: First generation indicator disclosure
rate by economic region, 2011
62%
63%
67%
68%
68%
69%
74%
79%
96%
100%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Shenzhen Stock Exchange
London Stock Exchange
Euronext Amsterdam
Shanghai Stock Exchange
Stockholm Stock Exchange
Johannesburg Stock Exchange
NASDAQ
NYSE
Tokyo Stock Exchange
Australian Securities Exchange
Figure 8:
Reporting timeliness scores, top 10 exchanges
Source: CK Capital
Finally, an analysis of the reporting timeliness of
the top 10 exchanges reveals that exchanges in
developed markets are clearly leading exchanges
in emerging markets. As shown in
Figure 8
, only
three exchanges of the top 10 in terms of reporting
timeliness are based in emerging markets:
Johannesburg, Shanghai and Shenzhen. This finding
also likely reflects the greater size of companies
listed on exchanges based in the developed markets,
and the greater resources and stakeholder needs
that accompany companies of their stature.
In sum, exchanges in the developed markets
are leading the way in terms of disclosure rates
and reporting timeliness; however, exchanges in
the emerging markets are quickly closing the
disclosure gap.
1...,18,19,20,21,22,23,24,25,26,27 29,30,31,32,33,34,35,36,37,38,...71