Evidence on the Incremental Information Content of Additional Firm Disclosures Made Concurrently with Earnings
评估与年报同时发布的其他公司披露（如股利公告、管理层评论、经营数据等）是否具有超出盈利本身的增量信息含量，通过分析道琼斯新闻检索服务中样本公司在年报公布前后两个交易日内的所有披露，检验其与股价或交易量的统计关联。
The purpose of this study is to assess the incremental information content of additional firm disclosures released concurrently with the announcement of annual earnings. More specifically, we examine the Dow Jones News Retrieval Service for all disclosures made by sample firms over a two-trading-day window commencing with the trading day on which a firm's annual earnings announcement appears. As described later in greater detail, these disclosures include components of earnings, dividend announcements, qualitative comments by officers, operating data such as order backlogs and capital spending, announcement of stock splits, and more. By incremental information content we mean information content beyond that contained in the announcement of earnings per se. We measure information content in the form of a statistically significant association between categorical and continuous disclosure