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The Information in Management's Expected Earnings Report Date: A Day Late, a Penny Short

Journal of accounting research, 2002-12, Vol.40 (5), p.1275-1296 [Peer Reviewed Journal]

Copyright 2002 The Institute of Professional Accounting, University of Chicago ;University of Chicago on behalf of the Institute of Professional Accounting, 2002 ;Copyright Institute of Professional Accounting Dec 2002 ;ISSN: 0021-8456 ;EISSN: 1475-679X ;DOI: 10.1111/1475-679X.t01-1-00054 ;CODEN: JACRBR

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  • Title:
    The Information in Management's Expected Earnings Report Date: A Day Late, a Penny Short
  • Author: Bagnoli, Mark ; Kross, William ; Watts, Susan G.
  • Subjects: Analytical forecasting ; Business structures ; Descriptive statistics ; Disclosure ; Earnings forecasting ; Earnings per share ; Financial reporting ; Financial services ; Investors ; Journalism ; Modeling ; Quarterly reports ; Regression analysis ; Stock prices ; Studies ; Time series models
  • Is Part Of: Journal of accounting research, 2002-12, Vol.40 (5), p.1275-1296
  • Description: Since 1995, managers of thousands of firms have voluntarily disclosed the expected date of their firm'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 prior 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 our "day late, penny short" result. Despite this, we find that the market response at the time earnings are announced still depends on whether the announcement is early, on time, or late relative to the firm's own expected report date.
  • Publisher: Boston, USA and Oxford, UK: Blackwell Publishers Inc
  • Language: English
  • Identifier: ISSN: 0021-8456
    EISSN: 1475-679X
    DOI: 10.1111/1475-679X.t01-1-00054
    CODEN: JACRBR
  • Source: Alma/SFX Local Collection
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