Prior studies find that delayed earnings announcements tend to communicate unfavorable news, and investors consequently react negatively when firms delay earnings announcements. However, these findings do not explain why investors discount delayed earnings, even after controlling for the...

Prior studies find that delayed earnings announcements tend to communicate unfavorable news, and investors react negatively when firms delay earnings announcements. However, these findings do not explain why investors discount delayed earnings, even after controlling for the earnings news, and...

Do equity prices efficiently reflect fundamental information as the Efficient Markets Hypothesis suggests? The author challenges a widely held acceptance by financial academicians of the EMH. In a frictionless environment, information acquisition and trading would be costless, transaction prices...