COMMUNICATION OF NONEARNINGS INFORMATION AT THE FINANCIAL-STATEMENTS RELEASE DATE

• 成果类型: Article
• 署名作者: HAN, BH; JENNINGS, R; NOEL, J
• 署名单位: University of Michigan System; University of Michigan
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/0165-4101(92)90012-Q
• 发表日期: 1992
• 关键词: earnings; announcements; price

摘要

This study examines whether annual financial statements filed with the Securities and Exchange Commission are timely sources of information for investors. We examine a summary measure, the probability of bankruptcy, through which the release of financial statements might communicate information to investors. The results indicate that a significant association exists between revisions in the probability of bankruptcy due to nonearnings data and security returns over the fiscal year, but that investors have largely revised their estimates of the probability of bankruptcy prior to the release of the full financial statements.