We document a growing disparity in earnings disclosure mechanisms. Firms are increasingly disclosing earnings announcements (EA) concurrently with the 10-K filing instead of first issuing a ‘stand-alone' EA. Firm adoption of concurrent EA/10-Ks is associated with lower investor sophistication,...

We document that the conventional disclosure practice of ‘stand-alone' earnings announcements (EAs), which preempt 10-K filings, is steadily disappearing over time. Instead, firms are increasingly adopting the disclosure strategy of releasing the EA concurrently with the 10-K. We first examine...

Prior work suggests that greater earnings disaggregation in financial statements leads to favorable market outcomes. This perspective is based on a fundamental presumption that the disaggregation separates earnings components with heterogeneous characteristics. We hypothesize that the...

There has been a substantial increase, since 2004, in the number of firms that announce annual earnings before audit completion as opposed to after audit completion. In this study, we argue that earnings announced before audit completion are associated with lower financial reporting quality and...

There has been a substantial increase, since 2004, in the number of firms that announce annual earnings before audit completion as opposed to after audit completion. In this study, we argue that earnings announced before audit completion are associated with lower financial reporting quality and...

Research suggests that greater earnings disaggregation in financial statements leads to favorable market outcomes. This perspective is based on a presumption that the disaggregation separates earnings components with heterogeneous characteristics. We hypothesize that the disaggregation of...