haku: @author Watts, S.G. / yhteensä: 2
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| Tekijä: | Bagnoli, M. Kross, W. Watts, S.G. |
| Otsikko: | The information in management's expected earnings report date: a day late, a penny short |
| Lehti: | Journal of Accounting Research
2002 : DEC, VOL. 40:5, p. 1275-1296 |
| Asiasana: | Disclosure Earnings Information |
| Kieli: | eng |
| Tiivistelmä: | Since 1995, managers of thousands of companies have voluntarily disclosed the expected date of their company's next quarterly earnings announcement to Thomson Financial Services Inc. These disclosures are approximately 500% more accurate than the simple time-series expected report dates used in previous accounting research. These disclosures are also informative. On average, managers who miss their own expected date eventually report earnings that fall about one penny per share below consensus forecasts for each day of delay. Investors respond by sending the price of late-announcing stocks down at the missed expected report date and continue to send them down as the reporting delay lengthens, consistent with the authors' "day late, penny short" result. |
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