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Keywords: earnings announcements
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Journal Articles
The Accounting Review 1–24.
Published: 29 May 2024
... document an attenuated spike in earnings announcement (EA) information asymmetry for quarters containing more financial analysis on social media in the weeks prior to the EA. Cross-sectional evidence suggests this finding is stronger when coverage from traditional intermediaries is lower, for financial...
Journal Articles
The Accounting Review (2024) 99 (3): 87–113.
Published: 01 May 2024
... to disclose policy-related information. We examine whether there are externalities associated with the processing of political information by politically active firms. We study this question in the setting of intraindustry information transfers around earnings announcements. Measuring firms’ political...
Includes: Supplementary data
Journal Articles
The Accounting Review (2024) 99 (2): 249–277.
Published: 01 March 2024
.... 07 06 2021 07 09 2023 14 09 2023 2024 daylight saving time disclosure processing earnings announcements price discovery Each year, more than 97 percent of Americans, and over 1.6 billion people worldwide, advance their clocks forward one hour in the spring...
Journal Articles
The Accounting Review (2024) 99 (2): 421–456.
Published: 01 March 2024
...Sandra G. Schafhäutle; David Veenman ABSTRACT This study examines whether crowdsourced forecasts of earnings and revenues help investors unravel bias in earnings announcement news, which is commonly derived from analyst forecasts. Our results suggest that investors, on average, understand...
Journal Articles
The Accounting Review 1–29.
Published: 30 November 2023
...Jaewoo Kim; Bryce Schonberger; Charles Wasley; Yucheng Yang (John) ABSTRACT This study examines whether information revealed by firms’ earnings announcements (EAs) forecasts short-run market-wide volatility in equity index prices. Using an exponential generalized autoregressive conditional...
Journal Articles
The Accounting Review 1–24.
Published: 30 November 2023
... not update portfolios as signals arrive, exploit look-ahead biases, do not assess the incremental gains of a new signal, and do not consider market frictions. We examine trading signals based on post-earnings announcement drift (PEAD), the earnings announcement premium (EAP), and earnings announcement...
Journal Articles
Journal Articles
The Accounting Review (2023) 98 (4): 373–403.
Published: 01 July 2023
... ex ante decisions including contracting and information acquisition choices. I implement it on a sample of large firms’ quarterly earnings announcements, finding evidence that investors anticipate cross-sectional but not time-series variation in earnings’ asymmetry. I thank seminar...
Includes: Supplementary data
Journal Articles
The Accounting Review (2022) 97 (4): 237–258.
Published: 01 July 2022
... information release. To shed light on this question, we exploit Reg SHO, which reduced the constraints faced by short sellers for a subsample of U.S. firms, to examine price informativeness before, during, and after earnings announcements. We show that relative to control firms, pilot firms have greater (less...
Includes: Supplementary data
Journal Articles
The Accounting Review (2022) 97 (1): 389–411.
Published: 01 January 2022
...Lynn Rees; Brady J. Twedt ABSTRACT This study examines whether firms' political activism induces bias in the media coverage of earnings announcements and how such coverage impacts markets. We infer firm political ideology based on employee political contributions and identify firm and manager...
Journal Articles
The Accounting Review (2022) 97 (1): 315–339.
Published: 01 January 2022
...Charles M. C. Lee; Christina Zhu ABSTRACT We use trade-level data to examine the role of actively managed funds (AMFs) in earnings news dissemination. We find that AMFs are drawn to, and participate disproportionately more in, earnings announcements (EAs) that include bundled managerial guidance...
Journal Articles
The Accounting Review (2021) 96 (6): 275–302.
Published: 01 November 2021
...Eunjee Kim; Mani Sethuraman; Thomas D. Steffen ABSTRACT We explore the role of investor relations (IR) in debt markets. Using earnings announcements as a laboratory, we examine whether, when, and to what extent IR departments help credit investors assimilate information. We find that the presence...
Journal Articles
The Accounting Review (2021) 96 (3): 373–401.
Published: 01 May 2021
...Charles M. C. Lee; Edward M. Watts ABSTRACT This study examines how an increase in tick size affects algorithmic trading (AT), fundamental information acquisition (FIA), and the price discovery process around earnings announcements (EAs). Leveraging the SEC's randomized Tick Size Pilot experiment...
Journal Articles
Journal Articles
Journal Articles
The Accounting Review (2018) 93 (3): 349–377.
Published: 01 May 2018
... the sign of firms' earnings surprises and the stock returns around earnings announcements. That is, we find that firms with a relatively high probability of forecast pessimism experience significantly higher announcement returns than those with a low probability. Importantly, we show that these findings...
Journal Articles
The Accounting Review (2016) 91 (2): 441–462.
Published: 01 March 2016
...James R. Frederickson; Leon Zolotoy ABSTRACT Consistent with investors having limited attention, we posit that when faced with competing earnings announcements, investors behave as if they queue the announcements based on a firm or earnings announcement attribute. We focus on two potential queuing...
Journal Articles
The Accounting Review (2015) 90 (6): 2375–2410.
Published: 01 November 2015
... earnings announcements and compare them against equity offerings. In support of the theories' predictions, we find a positive association between the information sensitivity of securities and the likelihood of their issuance after earnings announcements. In particular, we find that clustering after...
Journal Articles
The Accounting Review (2014) 89 (5): 1579–1607.
Published: 01 September 2014
...Mary E. Barth; Eric C. So ABSTRACT This study seeks to determine whether earnings announcements pose non-diversifiable volatility risk that commands a risk premium. We find that investors anticipate some earnings announcements to convey news that increases market return volatility and pay...
Journal Articles
The Accounting Review (2011) 86 (6): 2155–2183.
Published: 01 November 2011
... to quantify tone, we find that plaintiffs target more optimistic statements in their lawsuits and that sued firms' earnings announcements are unusually optimistic relative to other firms experiencing similar economic circumstances. These findings are consistent with optimistic language increasing...