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Article

Is There News in the Timing of Earnings Announcements?

Joshua Livnat and Li Zhang
The Journal of Investing Winter 2015, 24 (4) 17-26; DOI: https://doi.org/10.3905/joi.2015.24.4.017
Joshua Livnat
is Professor Emeritus of Accounting at the Stern School of Business Administration at New York University and a managing director at Quantitative Management Associates in Newark, NJ.
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  • For correspondence: jlivnat@stern.nyu.edu
Li Zhang
is an assistant professor of Accounting and Information Systems at Rutgers Business School at Rutgers University in Newark, NJ.
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  • For correspondence: lizhang@business.rutgers.edu
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Abstract

This study examines the value relevance of the timing of earnings announcement dates relative to prior expectations. It shows that when firms advance their earnings announcements at least four days prior to expectations, the earnings surprises in those quarters tend to be positive and the abnormal returns from two days after the earnings release date was announced through one day after earnings are actually announced are positive and significant. The converse is true for firms that delay their earnings announcement at least four days relative to prior expectations. The study also shows that firms that delay their earnings release date at least four days after previously setting the date earlier are characterized by both negative earnings surprises and abnormal returns from the delay announcement through one day after the actual earnings announcement date. These results can be used by investors to earn abnormal returns, by security analysts in revising their forecasts and by option traders when earnings announcement dates cross option expiration dates.

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The Journal of Investing: 24 (4)
The Journal of Investing
Vol. 24, Issue 4
Winter 2015
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Is There News in the Timing of Earnings Announcements?
Joshua Livnat, Li Zhang
The Journal of Investing Nov 2015, 24 (4) 17-26; DOI: 10.3905/joi.2015.24.4.017

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Is There News in the Timing of Earnings Announcements?
Joshua Livnat, Li Zhang
The Journal of Investing Nov 2015, 24 (4) 17-26; DOI: 10.3905/joi.2015.24.4.017
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