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- Publisher
- Springer Journals
- Copyright
- Copyright © 2003 by Kluwer Academic Publishers
- Subject
- Business and Management; Accounting/Auditing; Corporate Finance; Public Finance
- ISSN
- 1380-6653
- eISSN
- 1573-7136
- DOI
- 10.1023/A:1027351630866
- Publisher site
- See Article on Publisher Site
Abstract
This study examines the investor response to Form 10-K and 10-Q reports filed between 1996 and 2001. The samples comprise essentially the entire body of EDGAR filings, including the small business (SB) versions of each filing type. The study documents that the absolute value of excess return is reliably greater on the day of and on the one or two days immediately following the filing date. The response is stronger around a 10-K date than a 10-Q date, more elevated for delayed filers, and increases significantly over the study period for both filing types. A regression analysis indicates that differences in response due to filing delay and year of filing are not subsumed by other attributes of the information environment, such as changes in industry composition, day of week, market capitalization, and shares held by institutions.
Journal
Review of Accounting Studies – Springer Journals
Published: Oct 3, 2004