Earnings management by firms announcing earnings after SEC filing

被引：0
|
作者：
Kwang-Hyun Chung
Rudolph A. Jacob
Ya B. Tang
机构：
[1] Pace University,
来源：
International Advances in Economic Research | 2003年 / 9卷 / 2期
关键词：
Economic Growth; Stock Market; International Economic; Stock Price; Earning Management;
D O I：
10.1007/BF02295716
中图分类号：
学科分类号：
摘要：
This study examines motivation and stock market reactions of firms announcing earnings in the Wall Street Journal (WSJ) after filing with the Security Exchange Commission (SEC). Most firms announce earnings in the WSJ before SEC filing. Firms that reverse this sequence are voluntarily delaying public earnings announcements. The authors find that these firms are not only poor financial performers but also engage in earnings managements. They are delaying their WSJ announcements to postpone announcing bad news. The authors find significant stock price reactions to both the SEC filing and the WSJ announcement. The price reaction to earnings is incomplete at the SEC filings. The market continues reacting to firms' subsequent WSJ announcements as if the SEC filing fails to communicate earnings information to some investors.
引用
收藏
页码：152 / 162
页数：10
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