The Dark Side of Low Financial Reporting Frequency: Investors' Reliance on Alternative Sources of Earnings News and Excessive Information Spillovers

We thank Brad Badertscher, Ray Ball, Philip Berger, Daniel Beneish, Ed deHaan, Atif Ellahie, Zhaoyang Gu, Andrew Jackson (discussant), Ning Jia, Arthur Kraft, Stephannie Larocque, Charles M. C. Lee, Mingyi Hung, Stan Markov (discussant), Joseph Piotroski, Tom Ruchti, Catherine Schrand, Jake Thomas (discussant), Rodrigo Verdi, Guochang Zhang, and participants at the 2017 AAA Annual Meeting, 2015 Carnegie Mellon University Accounting and Finance Research Symposium, The Chinese University of Hong Kong, 2016 UNC/Chicago Global Issues in Accounting Conference, The Hong Kong University of Science and Technology, 2014 London Business School Accounting Symposium, University of Notre Dame, Rutgers, The State University of New Jersey, 2015 Singapore Management University SOAR Conference, 2016 Temple University Accounting Conference, 2017 Tilburg University Accounting Spring Camp, Tsinghua University, University of Illinois at Chicago, University of Rochester, University of Technology, Sydney, The Wharton School of the University of Pennsylvania, and two anonymous reviewers for helpful comments and suggestions. We also thank Tathagat Mukhopadhyay for help in collecting data. All errors are our own.

This paper was previously titled: “Does Financial Reporting Frequency Affect Investors' Reliance on Alternative Sources of Information? Evidence from Earnings Information Spillovers Around the World.”

Salman Arif, University of Minnesota, Carlson School of Management, Department of Accounting, Minneapolis, MN, USA; Emmanuel T. De George, University of Miami, Miami Herbert Business School, Department of Accounting, Coral Gables, FL, USA.

Editor's note: Accepted by Rodrigo S. Verdi, under the Senior Editorship of Mark L. DeFond.