Holding earnings surprise constant, investors react negatively to late earnings announcements. One standard deviation of announcement delay (about 5 days) corresponds to 23 bps lower abnormal returns over a two-day announcement window. We show that the results are robust to further controlling...

In this paper, we provide evidence that the information uncertainty risk associated with the fiscal-year-end (FYE) quarter earnings is unique in nature. Based on a long sample period from 1984 to 2015, we show that there is a significantly lower earnings response coefficient (ERC) for FYE...