The research found that financial statements have impacts on the market as reflected in the significant results for TVA (Trading Volume Activity) test and the behaviour of abnormal return during the announcement. There is a downward anticipation (cummulative abnormal return) from the market, especially for samples which failed to fulfill market expectation. SRV tests do not produce significant result as expected. This result raises a question whether TVA qould be a better proxy for information uncertainty (asssimetry).