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Prior literature finds mixed evidence that firms strategically manage their earnings announcement timing to either highlight or obscure financial information. While most prior studies pay attention to the timing of and nature of individual earnings announcements, we focus on the variability of firms’ annual earnings announcement dates (hereafter EAD) over time. We find that firms with fewer resources, weaker monitoring, and more financial uncertainty are likely to have greater EAD variability. Additionally, we provide evidence that the capital market response to earnings is weaker when a firm’s EAD variability is higher. Further analysis shows that firms with higher EAD variability report lower future performance in both the short- and long-term. Therefore, while managers may intentionally change an earnings announcement date to take advantage of variances in investor attention, this study provides evidence that they should also consider how the market interprets overall EAD variability.
Kristin Roland, Queens University of Charlotte
Sanghyuk Byun, Sogang University
Dong Chang Kang, Sogang University
Youngjoo Lee, Sogang University