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We also find that the earnings-price measures forecast both future returns and earnings growth.
We find that firms with negative (positive) total news receive the highest post-earnings announcement forecasts of future earnings when the earlier preannouncement overstates (understates) the magnitude of the news.
Apparently, other sources of information allow the market to anticipate the earnings report so that the variability of returns (amount of information) associated with earnings reports may be related to reporting lag.
Our evidence suggests that the market anticipates unfavorable earnings news when it observes reporting delays.
This paper demonstrates that the evidence supporting the hypothesis that post-earnings announcement drift (PEAD) is caused by investors’ failure to incorporate the implications of current earnings for future earnings is (also) consistent with researchers’ over-differencing an already stationary time-series.
Such results suggest that earnings levels, earnings changes, and earnings per...
The findings suggest aggregate earnings news is positively related to contemporaneous stock returns.
Using data from the EDGAR era, we find a significant market reaction surrounding quarterly periodic reports only when their filing coincides with the first public disclosure of earnings, although that for 10‐K reports is not subsumed by earnings releases.
Using novel earnings calendar data, we show that firms’ advanced scheduling of earnings announcement dates foreshadows their earnings news.
This study documents that the market places more reliance on earnings announcements with a completed audit than on earnings announcements with an incomplete audit.
There is much evidence (e. g., in Beaver [1968] and May [1971]) which documents that the variability of stock returns at the time of announcements of firms' annual and interim earnings differs from that in nonannouncement periods, indicating that more information arrives at the market during periods when earnings reports are released than at other times, on average.
We show that the frequency of earnings management is the highest when firms try to meet analysts' forecasted earnings and furthermore the trend is magnified in recent years.

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