Do Managers Withhold Bad News?
研究管理者是否延迟披露坏消息而及时披露好消息，发现坏消息披露时股价负面反应幅度大于好消息的正面反应，表明管理者平均会延迟发布坏消息。
ABSTRACT In this study, we examine whether managers delay disclosure of bad news relative to good news. If managers accumulate and withhold bad news up to a certain threshold, but leak and immediately reveal good news to investors, then we expect the magnitude of the negative stock price reaction to bad news disclosures to be greater than the magnitude of the positive stock price reaction to good news disclosures. We present evidence consistent with this prediction. Our analysis suggests that management, on average , delays the release of bad news to investors.