Pulling back the curtain, does news about a firm’s economic events before the earnings announcement help investors contextualize earnings surprise?

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE

Journal of Contemporary Accounting & Economics Pub Date : 2025-06-01 DOI:10.1016/j.jcae.2025.100478

Justin Deng

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Abstract

This paper examines how news released throughout the prior quarter helps investors contextualize future earnings surprises. I find that news detailing specific firm events, or “event-based news releases,” in the quarter leading up to the earnings announcement reduces post-earnings announcement drift (+2, +60), but, interestingly, that Form 8-Ks are ineffective in reducing this mispricing. To investigate this difference, I find that event-based news releases without an associated Form 8-K are much more likely to disclose events related to the firm’s core operations and specifically product and client announcements compared with event-based news releases that have an associated Form 8-K. I also compare total news releases with event-based news releases and find that event-based news releases specifically are associated with a reduction in post-earnings announcement drift. Lastly, I find that event-based news releases are more effective at reducing drift for firms with less disaggregated income statements and prior to the filing of the Form 10-Q/Form 10-K.

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拉开帷幕，在公司公布收益之前，有关公司经济事件的新闻是否有助于投资者理解收益意外的背景？

本文研究了上一季度发布的新闻如何帮助投资者了解未来的盈利意外。我发现，在收益公告之前的季度，详细介绍具体公司事件的新闻或“基于事件的新闻发布”减少了收益公告后的漂移（+2,+60），但有趣的是，表格8- k在减少这种错误定价方面是无效的。为了调查这种差异，我发现，与具有相关表格8-K的基于事件的新闻发布相比，没有相关表格8-K的基于事件的新闻发布更有可能披露与公司核心业务相关的事件，特别是产品和客户公告。我还比较了总新闻发布与基于事件的新闻发布，发现基于事件的新闻发布特别与减少收益后公告漂移有关。最后，我发现基于事件的新闻发布对于具有较少分类损益表的公司和在提交表格10-Q/表格10-K之前更有效地减少漂移。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Contemporary Accounting & Economics Multiple-

CiteScore

6.00

自引率

3.00%

发文量