Disclosure Timing: Determinants of Quarterly Earnings Release Dates
36 Pages Posted: 3 Dec 2004
Date Written: September 2004
Abstract
Existing research on discretionary disclosures provides valuable insights on the potentials causes and consequences of alternative forms of disclosure. However, relatively little is known about how managers choose to time the release of financial information. This paper focuses on the quarterly earnings release dates and investigates why some choose to release earnings information relatively early, compared to others. The results indicate that the reporting lag (days between fiscal period end and quarterly earnings release date) is shorter for firms facing greater demand for information from investors and greater litigation costs. The reporting lag, however, is longer for firms with greater block ownership and those whose operations are somewhat more complex.
Keywords: Disclosure timing, earnings announcement date
JEL Classification: M41, D82
Suggested Citation: Suggested Citation
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