Using a database provided by First Call Corporation, we examine the factors influencing whether a firm voluntarily accelerates the mandatory release of actual earnings via a quot;preannouncement.quot; We find that firms are more likely to preannounce earnings if the consensus of analysts'...

We examine the disclosure strategies managers follow when they quot;preannouncequot; quarterly earnings shortly before formal earnings announcements. We document that managers with bad news release essentially all of their news at the preannouncement date, while managers with good news only...