(C) The e-adequacy of the Bulgarian public companies!

The transparency and the adequate and timely information are some of the basic features of the efficient markets. Those parameters require enormous amount of analytical labour. The physical processing of a non data-base file such as Adobe’s PDF, increases the time for publishing the company analysis and hampers the investment intermediaries’ adequate data delivery to their customers. Furthermore, this augments the operational risk and increases the manual data input error probability.

Any upload of non-database report files (excl. MS Excel) on the web site of the Committee for Financial Supervision is an unhealthy stereotyped modus operandi of issuers who publicly declare their technological and personnel debility. Unfortunately, the group of those companies tends to include some of the largest Bulgarian public companies.

I deem the market being a good regulator, who gradually ignores such companies and refocuses on those with much better and easier to process financial data. Consequently, this leads to underestimation of the companies, which publish scanned financial reports and increased interest to issuers with more adequate, quarterly e-reports.