Has the Information Content of Quarterly Earnings Announcements Declined in the Past Three Decades

By Wayne R. Landsman, Edward L. Maydew. 2002

433 citations recorded by the source corpus.

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Citations in the corpus

Corporate Jets and Private Meetings with Investors (2018, neutral): “, Lang and Lundholm (1993)). We measure firm size as the log of the market value of equity (LNMVE) at the end of the prior fiscal quarter. We also include controls for firm growth, profitability, and potential undervaluation, including the book-to-market ratio (BM); sales growth (SALEG); the change ”
Analysts' Conflict of Interest and Biases in Earnings Forecasts (2007, positive): “Intriguingly, despite the reduction in the magnitude of surprises over the sample period, the market response to the information contained in earnings surprises has not diminished (see, for example, Francis et al. (2002), Landsman and Maydew (2002)).”
The new Form 8-K disclosures (2010, background): “The studies of immediate reaction to earnings announcements examine stock prices (Easton and Zmijewski 1989; Ball and Kothari 1991), volume and volatility of trading (Beaver 1968; Bamber and Cheon 1995; Landsman and Maydew 2002), and behavior of sophisticated investors and analysts (Cornell and Land”
Earnings Announcements and Systematic Risk (2015, background): “More recent examples from this large literature are Liu and Thomas (2000), Landsman and Maydew (2002), and Ryan and Zarowin (2003).”
Beyond the Numbers: Measuring the Information Content of Earnings Press Release Language (2011, background): “Of these communications, earnings press releases are among the most prominent and informative (Kross and Kim 2000; Lo and Lys 2001; Francis et al. 2002a, 2002b; Landsman and Maydew 2002; Collins et al. 2005).”
Financial reporting quality and idiosyncratic return volatility (2011, background): “Consistent with this notion, Landsman and Maydew (2002) document”
Investor Protection and the Information Content of Annual Earnings Announcements: International Evidence (2007, neutral): “, similar to the magnitude reported in Landsman and Maydew (2002). The remaining columns in Panel B report statistics for our firm-level control variables.”
Do differences in financial reporting attributes impair the predictive ability of financial ratios for bankruptcy? (2012, positive): “Our findings are thus informative to those interested in assessing bankruptcy risk and in understanding whether certain financial reporting attributes are associated with less informative financial ratios for bankruptcy prediction.”
Trading Volume Around Earnings Announcements and Other Financial Reports: Theory, Research Design, Empirical Evidence, and Directions for Future Research (2010, positive): “4 Landsman and Maydew (2002) find that the average daily turnover of a firm’s shares increased”
Tightening credit standards: the role of accounting quality (2009, neutral): “13 In contrast, several other studies (e.g., Francis and Schipper, 1999; Landsman and Maydew, 2002) find no evidence indicating that the informativeness of financial statements has declined over time.”
The Information Content of Annual Earnings Announcements and Mandatory Adoption of IFRS (2012, positive): “by Landsman and Maydew (2002). The results in column (3) indicate a positive association between AVAR and the number of analysts following the firm (NUMEST), leverage (LEV), cross-listing (ADR), insider”
Audited Financial Reporting and Voluntary Disclosure as Complements: A Test of the Confirmation Hypothesis (2012, positive): “2 Contrast Lev (1989) and Ball and Shivakumar (2008b), and Barth et al.”
Louis Working Paper Series Beyond the Numbers : An Analysis of Optimistic and Pessimistic Language in Earnings Press Releases (2006, background): “…of optimistic and pessimistic language in earnings press releases that is incremental to the current period earnings surprise and other factors such as whether the firm beats analysts' expectations, experienced negative earnings, or included a management forecast in the earnings press release.”