The Information in Management’s Expected Earnings Report Date: A Day Late, a Penny Short
自1995年起，数千家公司自愿披露预期盈利公告日期，这些预测比传统时间序列模型准确约500%。错过预期日期的公司，每延迟一天，每股盈利平均低于共识预期约一分钱，投资者会因此下调股价。
Since 1995, managers of thousands of firms have voluntarily disclosed the expected date of their firm’s next quarterly earnings announcement to Thomson Financial Services Inc. These disclosures are approximately 500% more accurate than the simple time–series expected report dates used in prior accounting research. These disclosures are also informative. On average, managers who miss their own expected date eventually report earnings that fall about one penny per share below consensus forecasts for each day of delay. Investors respond by sending the price of late–announcing stocks down at the missed expected report date and continue to send them down as the reporting delay lengthens, consistent with our “day late, penny short” result. Despite this, we find that the market response at the time earnings are announced still depends on whether the announcement is early, on time, or late relative to the firm’s own expected report date.