The usefulness of historical accounting reports

• 成果类型: Article
• 署名作者: Drake, Michael S.; Roulstone, Darren T.; Thornock, Jacob R.
• 署名单位: Brigham Young University; University System of Ohio; Ohio State University; University of Washington; University of Washington Seattle
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2015.12.001
• 发表日期: 2016
• 关键词: empirical-research; earnings management; stock returns; INFORMATION; disclosure; attention; determinants; READABILITY; investors; accruals

摘要

In this study we investigate the usefulness of historical accounting reports (10-Ks and 10-Qs) by examining four settings where we expect investors to acquire historical reports in order to obtain qualitative and quantitative information that contextualizes and conditions information released in the current period. Using a novel dataset that tracks user requests for accounting reports stored in the SEC EDGAR database, we find that requests for historic reports during the fiscal year are positively associated with financial reporting complexity and that requests around earnings announcements are positively associated with accounting discretion and negative earnings shocks (particularly for conservative firms). Finally, we find that daily requests for historical reports are positively associated with shocks to firm value (particularly negative shocks). Overall, our evidence suggests that historical reports make up an important component of the information mosaic assembled by investors. (C) 2015 Elsevier B.V. All rights reserved.