Information content and timing of earnings announcements

Gongmeng Chen, Tsz Wan Cheng, Ning Gao

Research output: Journal article publicationJournal articleAcademic researchpeer-review

16 Citations (Scopus)

Abstract

The China Securities Regulatory Commission requires all listed firms to make earnings announcements by the end of April each year. This requirement creates a unique opportunity for us to evaluate the timing of earnings announcements in a four-month cluster. Firms, which are willing to make early announcements, tend to surprise the market, as indicated by the higher volume and price reactions. Later announcements are more predictable, as indicated by the lower volume and price reactions. These results indicate that an information asymmetry exists between early and late earnings announcements in Mainland China. 2005.
Original languageEnglish
Pages (from-to)65-95
Number of pages31
JournalJournal of Business Finance and Accounting
Volume32
Issue number1-2
DOIs
Publication statusPublished - 1 Jan 2005

Keywords

  • Chinese market
  • Earnings
  • Information asymmetry
  • Volume

ASJC Scopus subject areas

  • Accounting
  • Business, Management and Accounting (miscellaneous)
  • Finance

Cite this