This study investigates whether the timing of earnings announcement in earnings season affects stock price discovery process. This paper documents that market reaction is more favorable for earnings announcements made at the beginning of earnings season (“timing effect”). Price reaction on...

We present evidence consistent with markets failing to properly price information in seasonal earnings patterns. Firms with historically larger earnings in one quarter of the year (“positive seasonality quarters”) have higher returns when those earnings are usually announced. Analysts have...

Earnings announcements are clustered in calendar time and such clusters, referred to as earnings seasons, are characterized by intense arrival of information from firms in an industry. The news arrives not only from earnings announcement by the firm, announced news, but also from pre-emptive...