Using my company, Digital Insight, as a benchmark, the number of pages contained in our quarterly earnings announcement
has more than doubled, from five in 2000 to 12 last quarter.
We also find that the bigger the negative earnings news, the later the earnings announcement
This suggests that the probability of earnings management is high where public earnings announcement
are voluntarily delayed.
there is lower commonality), then investors should expect the mean forecast to be a more efficient aggregator of individual analysts' diverse idiosyncratic information after an earnings announcement
than before the announcement.
And in after-hours trading following the earnings announcement
, Microsoft's shares fell $1, to $118.
In 2,048 cases, CRSP did not have dally returns available in the period around the quarterly earnings announcement
Since cash flow statements often take a few extra days to compile, that information generally isn't finalized at many corporations until after the earnings announcement
We examine this issue by evaluating return-based and volume-based metrics in earnings announcement
Recent studies infer the increasing usefulness of earnings announcements
from overtime increases in the absolute or squared abnormal stock returns or abnormal trading volume at earnings announcement