Access the full text.
Sign up today, get DeepDyve free for 14 days.
Loading next page...
/lp/wiley/has-the-information-content-of-quarterly-earnings-announcements-lXEbW00yXP
References (31)
-
D. Collins, Edward Maydew, Ira Weiss (1997)
Changes in the value-relevance of earnings and book values over the past forty yearsJournal of Accounting and Economics, 24
-
Orie Barron, Oliver Kim, Steve Lim, D. Stevens (1998)
Using Analysts' Forecasts to Measure Properties of Analysts' Information EnvironmentRobert H. Smith School of Business Research Paper Series
-
Dan Givoly, Carla Hayn (2000)
The Changing Time-Series Properties of Earnings, Cash Flows and Accruals: Has Financial Reporting Become More Conservative?Journal of Accounting and Economics, 29
-
R. Atiase, Linda Bamber (1994)
Trading volume reactions to annual accounting earnings announcements: The incremental role of predisclosure information asymmetry☆Journal of Accounting and Economics, 17
-
Linda Bamber, Orie Barron, T. Stober (1996)
Trading Volume and Different Aspects of Disagreement Coincident with Earnings Announcements -
Carla Hayn (1995)
The information content of lossesJournal of Accounting and Economics, 20
-
Stephen Brown, Kin Lo, Thomas Lys (1998)
Use of R-Squared in Accounting Research: Measuring Changes in Value Relevance Over the Last Four DecadesFinancial Accounting
-
Jennifer Conrad, Bradford Cornell, W. Landsman (1999)
When is Bad News Really Bad News?UNC: Finance (Topic)
-
E. Amir, B. Lev (1996)
Value-Relevance of Nonfinancial Information: The Wireless Communications IndustryJournal of Accounting and Economics, 22
-
Kin Lo, Thomas Lys (2000)
Bridging the Gap between Value Relevance and Information ContentCapital Markets: Asset Pricing & Valuation
-
David Aboody, B. Lev (1998)
The Value-Relevance of Intangibles: The Case of Software CapitalizationS&P Global Market Intelligence Research Paper Series
-
Bronwyn Hall, A. Jaffe, M. Trajtenberg (2000)
Market Value and Patent Citations: A First LookERN: Intellectual Property (Topic)
-
R. Elliott, P. Jacobson (1991)
U.S. accounting: a national emergencyJournal of Accountancy archive, 172
-
D. Collins, S. Kothari (1989)
An analysis of intertemporal and cross-sectional determinants of earnings response coefficientsJournal of Accounting and Economics, 11
-
Jonathan Karpoff (1986)
A Theory of Trading VolumeJournal of Finance, 41
-
Francis Yared, Pietro Veronesi (1999)
Characteristics, Covariances, and Average Returns: 1929-1997S&P Global Market Intelligence Research Paper Series
-
Mary Barth, W. Beaver, W. Landsman (2001)
The Relevance of the Value Relevance Literature for Financial Accounting Standard Setting: Another ViewCorporate Finance and Organizations eJournal
-
W. Landsman, Alan Shapiror (1995)
Tobin's q and the Relation between Accounting ROI and Economic ReturnJournal of Accounting, Auditing & Finance, 10
-
Douglas Skinner, Richard Sloan (1999)
Earnings Surprises, Growth Expectations, and Stock Returns or Don't Let an Earnings Torpedo Sink Your PortfolioReview of Accounting Studies, 7
-
Sudipta Basu, Lee-Seok Hwang, C. Jan (2002)
Auditor Conservatism and Quarterly Earnings -
Alex Dontoh, J. Ronen (1993)
Information content of accounting announcementsAccounting review: A quarterly journal of the American Accounting Association, 68
-
Bruce Grundy, M. McNichols (1989)
Trade and the Revelation of Information through Prices and Direct DisclosureReview of Financial Studies, 2
-
Oliver Kim, Robert Verrecchia (1994)
Market liquidity and volume around earnings announcementsJournal of Accounting and Economics, 17
-
J. Francis, K. Schipper (1999)
Have financial statements lost their relevanceJournal of Accounting Research, 37
-
H. White (1980)
A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for HeteroskedasticityEconometrica, 48
-
B. Lev, Paul Zarowin (1999)
The boundaries of financial reporting and how to extend themJournal of Accounting Research, 37
-
Linda Bamber (1986)
The information content of annual earnings releases : a trading volume approachJournal of Accounting Research, 24
-
W. Beaver (1968)
The Information Content Of Annual Earnings Announcements -
Thomas Lys, S. Kothari, Clifford Smith, R. Watts (1988)
Auditor liability and information disclosureJournal of Accounting, Auditing & Finance, 3
-
Roger Kormendi, R. Lipe (1987)
Earnings Innovations, Earnings Persistence, and Stock ReturnsThe Journal of Business, 60
-
Bronwyn Hall (1998)
Innovation and Market ValueInnovation Finance & Accounting eJournal
- Publisher
- Wiley
- Copyright
- University of Chicago on behalf of the Institute of Professional Accounting, 2002
- ISSN
- 0021-8456
- eISSN
- 1475-679X
- DOI
- 10.1111/1475-679X.00071
- Publisher site
- See Article on Publisher Site
Abstract
This paper examines changes in the information content of earnings over the past three decades using the two metrics from Beaver (1968): abnormal trading volume and abnormal return volatility. We find no evidence of a decline in the information content of earnings announcements over the past three decades, as measured by both abnormal trading volume and return volatility around quarterly earnings announcements. If anything, our results suggest an increase over time in the informativeness of quarterly earnings announcements. Variables reflecting changes in firm‐specific factors account for a portion of the observed increase.
Journal
Journal of Accounting Research – Wiley
Published: Jun 1, 2002