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

19 Pages Posted: 17 May 2002

See all articles by Jan Annaert

Jan Annaert

University of Antwerp Department of Accounting & Finance; Antwerp Management School

Marc J. K. de Ceuster

University of Antwerp - Faculty of Applied Economics - City Campus

Ruud Polfliet

University of Antwerp - Faculty of Applied Economics

Geert Van Campenhout

KU Leuven - FEB@HUBrussel

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 naive earnings expectations model, induces positive (negative) abnormal returns. The 'short term' timeliness of the information disclosure, however, seems not to matter at all.

JEL Classification: M41

Suggested Citation

Annaert, Jan and de Ceuster, Marc J. K. and Polfliet, Ruud and Van Campenhout, Geert, To Be or Not Be & 'Too Late': The Case of the Belgian Semi-Annual Earnings Announcements. Journal of Business Finance & Accounting, Vol. 29, pp. 477-495, 2002. Available at SSRN: https://ssrn.com/abstract=312716

Jan Annaert (Contact Author)

University of Antwerp Department of Accounting & Finance ( email )

Faculty of Applied Economics
Prinsstraat 13
Antwerp, B-2000
Belgium

HOME PAGE: http://https://www.uantwerp.be/en/staff/jan-annaert/

Antwerp Management School ( email )

Boogkeers 5
Antwerp, 2000
Belgium

Marc J. K. De Ceuster

University of Antwerp - Faculty of Applied Economics - City Campus ( email )

Office B-337
Prinsstraat 13
Antwerp, Antwerp 2000
Belgium
+ 32 3 220 41 24 (Phone)
+ 32 3 220 40 64 (Fax)

HOME PAGE: http://www.ua.ac.be/marc.deceuster

Ruud Polfliet

University of Antwerp - Faculty of Applied Economics ( email )

Prinsstraat 13
Antwerp, B-2000
Belgium

Geert Van Campenhout

KU Leuven - FEB@HUBrussel ( email )

Warmoesberg 26
Brussel, 1000
Belgium

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