The Association between Earnings News and The Timing of Annual Earnings Announcements

Autor:	Dong-Kyoon Kim, Myungsoo Son
Rok vydání:	2014
Předmět:	unexpected earnings Earnings education market efficiency lcsh:Business earnings announcement lcsh:Finance lcsh:HG1-9999 Demographic economics Business Business and International Management lcsh:HF5001-6182 Association (psychology) Business management health care economics and organizations Finance
Zdroj:	Global Business and Finance Review, Vol 19, Iss 2, Pp 19-34 (2014)
ISSN:	2384-1648 1088-6931
Popis:	This study examines whether managers exercise discretion in the timing of annual earnings announcements depending on the magnitude of unexpected earnings. We find a non-linear association between the timing of the earnings announce- ment and the amount of unexpected earnings. Specifically, managers tend to delay annual earnings announcements as the news becomes worse (better) in negative (positive) unexpected earnings. We also find that market returns on the magnitude of earnings surprises (Earnings Response Coefficient) are greater with the timely announcement of earnings only when firms miss their expected earnings.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::7450c82dce9384df4e614e2268a96518 https://doi.org/10.17549/gbfr.2014.19.2.19 Zobrazit plný text záznamu