We investigate a pervasive voluntary disclosure practice ? managers including balance sheets with quarterly earnings announcements. Consistent with expectations, we find that managers voluntarily disclose balance sheets when current earnings are relatively less informative, or when future...

Under the assumption that capital markets are imperfect due to transactions costs and investor-manager information asymmetries, internally generated funds should be less costly than funds raised by issuing shares (Myers and Majluf 1984). This suggests that the mix of firms' sources of...

This study investigates intraday patterns of quarterly return-earnings relations. We find that fourth quarter announcements exhibit a lower earnings response coefficient but a more rapid adjustment to new equilibrium levels of prices and a higher R2 than interim quarter announcements. While...