U.S. Securities Market Responses to Alternate Earnings Disclosures of Non-U.S. Multinational Corporations.
研究美国市场对非美国跨国公司两种年度报告事件（美国盈利公告和20-K表格提交）的反应，发现市场对盈利公告有反应，且强度与美国公司相当，但对20-K提交无即时反应。
Abstract This study examines U.S. securities market responses to two annual reporting events of non-U.S, multinational corporations: (1) the annual earnings announcement made in the United States, and (2) the annual Form 20-K filing made with the U.S. Securities and Exchange Commission. The market reacts to the U.S. earnings announcements of these firms despite the fact that reported earnings amounts are typically not based on U.S. GAAP. Moreover, the intensity of the reactions to the U.S. earnings announcements of non-U.S. multinationals and a control sample of matched U.S. firms is comparable. No immediate response to the 20-K filing is observed.