Information Content and Timing of Earnings Announcements
利用中国证监会要求所有上市公司在4月底前发布盈利公告的规定，研究公告时机对市场反应的影响，发现早期公告更易带来意外，后期公告更可预测，表明存在信息不对称。
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.