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To Be or Not Be …'Too Late': The Case of the Belgian Semi-annual Earnings Announcements

Jan Annaert, Marc J.K. De Ceuster, Ruud Polfliet and Geert Van Campenhout
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Jan Annaert: University of Antwerp - UFSIA, Antwerp, Belgium
Marc J.K. De Ceuster: University of Antwerp - UFSIA, Antwerp, Belgium
Ruud Polfliet: University of Antwerp - UFSIA, Antwerp, Belgium
Geert Van Campenhout: University of Antwerp - UFSIA, Antwerp, Belgium

Journal of Business Finance & Accounting, 2002, vol. 29, issue 3&4, 477-495

Abstract: In this study, we demonstrate that the average reporting lag of Belgian interim reports is large but has decreased slightly over the years 1991-1998. Contrary to US findings, we show that the disclosure of interim reports containing bad (good) news is not systematically delayed (speeded up). Interim reports are value relevant since good (bad) news, according to a naïve earnings expectations model, induces positive (negative) abnormal returns. The 'short term' timeliness of the information disclosure, however, seems not to matter at all. Copyright Blackwell Publishers Ltd 2002.

Date: 2002
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