Is There Information in an Earnings Announcement Delay?

Posted: 29 Sep 1999

See all articles by Joy Begley

Joy Begley

University of British Columbia (UBC) - Sauder School of Business

Paul E. Fischer

University of Pennsylvania - Accounting Department

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.

JEL Classification: M41, M43

Suggested Citation

Begley, Joy and Fischer, Paul E., Is There Information in an Earnings Announcement Delay?. Available at SSRN: https://ssrn.com/abstract=167151

Joy Begley (Contact Author)

University of British Columbia (UBC) - Sauder School of Business ( email )

2053 Main Mall
Vancouver, BC V6T 1Z2
Canada

Paul E. Fischer

University of Pennsylvania - Accounting Department ( email )

3641 Locust Walk
Philadelphia, PA 19104-6365
United States

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