This paper examines two attributes of earnings press releases issued by firms cross-listed on U.S. stock exchanges: the tone and frequency of forward-looking statements. A more conservative tone and a greater proportion of forward-looking statements are often viewed as contributing to more...

We examine the contemporaneous and delayed market reaction to earnings announcements in a market setting characterised by strong disclosure regulation and enforcement. We evaluate the information content of four benchmarks of earnings announcement news: earnings in the previous year, analysts’...