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Information Content of Earnings Announcements Around IFRS Adoption and a Simultaneous Change in Press Release Disclosure in Italy

Kim, Pureum - 2019

Reporting Standards (IFRS) adoption on the information content of earnings announcements in Italy. To identify the effect of … this regulation, we use a treatment (i.e., Italy) and a benchmark sample of IFRS countries that vary in the adoption of the … releases. Our findings suggest that the inclusion of detailed IFRS financial statements in earnings announcements increased …

Persistent link: https://www.econbiz.de/10012903286

Nonprofessional Investors’ Reactions to the PCAOB's Proposed Changes to the Standard Audit Report

Carver, Brian Todd - 2017

As part of its efforts to improve the informational value of the standard audit report, the Public Company Accounting Oversight Board (PCAOB) proposed a new auditing standard that would require the auditor to report critical audit matters (CAMs) in the body of the audit report. The proposal met...

Persistent link: https://www.econbiz.de/10012961384

Comparing Non-GAAP EPS in Earnings Announcements and Proxy Statements

Black, Dirk E. - 2020

We compare non-GAAP EPS in annual earnings announcements and proxy statements using hand-collected data from SEC filings. We find that proxies for capital market incentives (contracting incentives) are more highly associated with disclosure of non-GAAP EPS in annual earnings announcements (proxy...

Persistent link: https://www.econbiz.de/10012856894

Much Ado About Making Money : The Impact of Disclosure, News and Rumors Over the Formation of Security Market Prices Over Time

Biondi, Yuri - 2017

This article develops an agent-based model of security market pricing process, capable to capture main stylised facts. It features collective market pricing mechanisms based upon evolving heterogeneous expectations that incorporate signals of security issuer fundamental performance over time....

Persistent link: https://www.econbiz.de/10012970505

The Dark Side of Low Financial Reporting Frequency : Investors’ Reliance on Alternative Sources of Earnings News and Excessive Information Spillovers

Arif, Salman - 2019

This paper examines how low financial reporting frequency affects investors' reliance on alternative sources of earnings information. We find that the returns of semi-annual earnings announcers (i.e. low reporting frequency stocks, “LRF”) are almost twice as sensitive to the earnings...

Persistent link: https://www.econbiz.de/10012902417

Do News Releases Help Investors Disaggregate Earnings? An Examination of Information Lost Through Earnings Aggregation

Deng, Justin - 2020

This paper examines how news items released throughout the previous quarter help investors predict and understand earnings. It focuses on how earnings aggregates transactions and how this aggregation may lead to information loss. Through the disclosure of these news items that reveal these...

Persistent link: https://www.econbiz.de/10012843849

Retroactive Tax Legislation, Reported Earnings, and Investors' Responses to Earnings 'Surprises' : Evidence from R&D Credit Extensions

Bratten, Brian; Hulse, David S. - 2017

When Congress retroactively extends a temporary tax rule, the effect on earnings is complex because financial reporting standards require firms to apply the integral method using enacted tax law to determine quarterly income tax expense. We model this effect and examine earnings announcements...

Persistent link: https://www.econbiz.de/10014142016

Do Features that Associate Managers with a Message Magnify Investors' Reactions to Narrative Disclosures?

Asay, H. Scott - 2018

We test whether investors react more strongly to narrative disclosures when the CEO's presence or association with the message is more salient in the disclosure, holding all other information constant. In our first experiment, we manipulate whether a CEO uses more personal pronouns (e.g.,...

Persistent link: https://www.econbiz.de/10012938211

Public Re-Release of Going-Concern Opinions and Market Reaction

Khan, Sarfraz - 2017

This paper examines the market reaction to the public announcement of going-concern (GC) opinions through the news media. In the early 2000s, NASDAQ and AMEX required firms listed on their exchanges to announce publicly previously disclosed information, such as the issuance of a GC opinion,...

Persistent link: https://www.econbiz.de/10012967637

Public Audit Oversight and Reporting Credibility : Evidence from the PCAOB Audit Inspection Regime

Gipper, Brandon - 2019

This paper studies the impact of public audit oversight on financial reporting credibility. We analyze changes in market responses to earnings news after public audit oversight is introduced, exploiting that the regime onset depends on fiscal-year ends, auditors, and the roll-out of auditor...

Persistent link: https://www.econbiz.de/10012860540