Is there Information in an Earnings Announcement Delay?

Joy Begley and Paul E. Fischer
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Joy Begley: The University of British Columbia
Paul E. Fischer: University of Pennsylvania

Review of Accounting Studies, 1998, vol. 3, issue 4, No 2, 347-363

Abstract: Abstract Using a sample of announcements drawn from the 1980s and early 1990s, we reassess the relation between earnings news and earnings announcement timing. Using analyst forecast errors to proxy for news, we find that early announcements are associated with good news relative to late announcements. The relation between news and timing, however, does not appear to be strictly monotonic. Furthermore, we find that unexpected earnings explain 4% or less of the variation in timing. Finally, we assess whether abnormal returns behave in a manner that is consistent with a good news early, bad news late relation.

Keywords: Abnormal Return; Forecast Error; Good News; Earning Announcement; Late Relation (search for similar items in EconPapers)
Date: 1998
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DOI: 10.1023/A:1009635117801

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