To Be or Not Be ...‘Too Late’: The Case of the Belgian Semi‐annual Earnings Announcements
研究1991-1998年比利时半年度报告的平均报告滞后较大但略有下降，未发现坏消息延迟或好消息提前披露，且信息及时性对市场反应无显著影响。
In this study, we demonstrate that the average reporting lag of Belgian interim reports is large but has decreased slightly over the years 1991–1998. Contrary to US findings, we show that the disclosure of interim reports containing bad (good) news is not systematically delayed (speeded up). Interim reports are value relevant since good (bad) news, according to a naïve earnings expectations model, induces positive (negative) abnormal returns. The ‘short term’ timeliness of the information disclosure, however, seems not to matter at all.