When does Netflix Report 3rd Quarter Earnings?
Answers from top 21 papers
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| Papers (21) | Insight |
|---|---|
175 Citations | Using a core earnings expectations model that is not dependent on accrual special items, we show that classification shifting is more likely in the fourth quarter than in interim quarters. |
| This work is one of the first to exploit the SEC mandate requiring firms to report the actual number of shares they repurchase each quarter, beginning in 2004. | |
| It is interesting that the pending release of economic or market information plays little role in determining when to announce earnings. | |
| It shows that when firms advance their earnings announcements at least four days prior to expectations, the earnings surprises in those quarters tend to be positive and the abnormal returns from two days after the earnings release date was announced through one day after earnings are actually announced are positive and significant. | |
| However, based on disclosure signalling theory, it is found that increasing levels of forward-looking information in annual report narratives is an important mechanism for signalling future earnings for these firms. | |
| However, the dividend/earnings news does not appear to act as a signal of long-term future company performance; companies which cut this dividend and reported lower earnings achieved the largest excess returns over the next five years. | |
| Firms with higher litigation risk tend to issue earnings forecasts earlier if they have bad news but not so when they have good news. | |
85 Citations | These results provide an interesting insight - that at least one-fourth of the sample of firms that meet or just beat earnings targets are attempting to smooth annual earnings by managing earnings downward in the fourth quarter. |
| More importantly, the evidence shows that after controlling for the overall earnings performance in the quarter, firms that manage to meet or beat their earnings expectations enjoy an average quarterly return that is higher by almost 3% than their peers that fail to do so. | |
| Some managers who currently have their quarterly earnings reviewed only at year-end (retrospective reviews) argue that having a timely review would delay interim earnings releases. | |
| For loss firms we find that the ability of stock returns to anticipate next period's earnings change is significantly greater when the firm provides a large number of earnings predictions in annual report narratives. | |
92 Citations | The authors demonstrate that more than half of the post-announcement responses to current quarter earnings may actually be pre-announcement adjustments to next quarter's earnings. |
85 Citations | Our collective evidence leads us to suspect that fourth-quarter reversals on average reflect earnings management behavior. |
| Evidence is also presented suggesting that tax avoidance impacts the value-relevance of earnings to investors at the announcement date, evaluated by the earnings response coefficient. | |
124 Citations | Our evidence suggests that the market anticipates unfavorable earnings news when it observes reporting delays. |
| We show that earnings is more timely in recognizing bad news in the fourth quarter than in earlier quarters, and this greater timeliness for bad news is largely accomplished through operating accruals. | |
| Our study documents a systematic timing pattern of annual report disclosures, which is useful for investors to predict future earnings, especially in anticipating bad news in China's emerging market where information about future earnings is very limited. | |
71 Citations | We find that when the auditor reviews interim earnings on a timely basis, the association between quarterly returns and earnings (and between quarterly returns and unexpected earnings) is predominantly contemporaneous. |
| Finally, we find that firms are more likely to meet or beat earnings targets in the subsequent quarter by reporting lower income in the missing months. | |
| Using novel earnings calendar data, we show that firms’ advanced scheduling of earnings announcement dates foreshadows their earnings news. | |
142 Citations | We conclude that there is little evidence to support the claim that regulation forcing firms to report more frequently improves earnings timeliness. |
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