We document that earnings announcement-day premia persist beyond the sample period of earlier studies, over different disclosure environments and remain robust to the refinement of using the expected announcement day rather than the actual announcementday. A portfolio of announcing firms yields...

We document that accrual-based earnings management increased steadily from 1987 untilthe passage of the Sarbanes Oxley Act (SOX) in 2002, followed by a significant declineafter the passage of SOX. Conversely, the level of real earnings management activitiesdeclined prior to SOX and increased...

We document that firms management of accounting earnings increased steadily from1987 until the passage of the Sarbanes Oxley Act (SOX), with a significant increaseduring the period prior to SOX, followed by a significant decline after passage of SOX.However, the increase in earnings management...