Information Content and Timing of Earnings Announcements
Year: 2005
Type: article
Abstract: : The China Securities Regulatory Commission requires all listed firms to make earnings announcements by the end of April each year. This requirement creates a unique opportunity for us to evaluate the timing of earnings announcements in a four‐month cluster. Firms, which are willing to make early announcements, tend to surprise the market, as indicated by the higher volume and price reactions. Later announcements are more predictable, as indicated by the lower volume and price reactions. These results indicate that an information asymmetry exists between early and late earnings announcements in Mainland China.
Authors: Gongmeng Chen, Louis T. W. Cheng, Ning Gao
Institutions: Hong Kong Polytechnic University, University of Exeter
Language: English
Subfield: Finance
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W1977877442