PROFITABILITY, EARNINGS ANNOUNCEMENT TIME LAGS, AND STOCK PRICES
研究盈利公告的发布时间是否与公司业绩好坏有关，以及市场是否对公告的早晚有反应。发现晚发布的公告往往包含更差的消息，且晚发布公司的股票回报在公告日前后更低。
This research addresses (1) whether firms with lower (hgher) than expected earnings fgures released those figures to the public later (earlier) than expected and (2) whether there is a reaction by the capital market to the timing of the earnings announcement. The results indicate that later than expected earnings announcements are likely to contain worse news than early announcements. Also the stock returns of late reporting firms appear to be lower than that of early reporting firms in the days surrounding the earnings announcement date.