Investor Protection and the Information Content of Annual Earnings Announcements: International Evidence

By Mark L. Defond, Mingyi Hung, Robert H. Trezevant. 2007

490 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/c314e670effc29732ec52cadfdb3b6ae9fa7a9b1

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Citations in the corpus

The Information Content of Annual Earnings Announcements and Mandatory Adoption of IFRS (2012, unknown): “10 Because interim earnings announcements are sparsely covered in the I/B/E/S International files, we follow prior international research by studying annual earnings announcements (Bailey et al., 2006; DeFond et al., 2007).”
Effects of International Institutional Factors on Earnings Quality of Banks (2014, unknown): “DeFond et al. (2007) provide evidence that annual earnings announcements are more informative in countries with less earnings management and that, on average, earnings announcements are more informative in countries with strong investor protection institutions.”
The impact of multi-layer governance on bank risk disclosure in emerging markets: the case of Middle East and North Africa (2019, background): “…investor protection, extent of legal enforcement, and capital market characteristics) shapes ﬁ rm disclosure incentives and explains di ﬀ erences in disclosure practices across countries (Bonetti et al., 2016; Burg-stahler et al., 2006; Cumming, Hou, & Wu, 2014; DeFond, Hung, & Trezevant, 2007).”
Understanding Earnings Quality: A Review of the Proxies, Their Determinants and Their Consequences (2010, background): “Finally, looking at 26 countries, DeFond et al. (2007) document a positive association between average country-level earnings quality, measured based on a score developed in Leuz et al. (2003), and abnormal return variance during a two day annual earnings announcement window.”
Accounting Standards Harmonization and Financial Statement Comparability: Evidence from Transnational Information Transfer (2014, methodology): “I include the reporting lag, ANNLAG_1 , computed as the time from Firm1 s scal year end to the earnings announcement reported by I/B/E/S. Based on ndings in DeFond et al. (2007), I predict the coe¢ cient on the reporting lag to be negative.”
Where do firms manage earnings? (2012, unknown): “5 Other tangentially related papers include Duru and Reeb (2002), who report evidence that analysts have lower forecast accuracy when firms have greater international diversification, and DeFond et al. (2007), who provide evidence that earnings announcements are more informative in countries with st”
Earnings Quality and International IPO Underpricing (2011, unknown): “For example, Defond et al. (2007) find that earnings announcements are more informative in countries with better overall earnings quality.”
How Important Is the Financial Media in Global Markets (2011, background): “In addition to a number of individual country studies of earnings announcements,DeFond, Hung, and Trezevant(2007) examine earnings reaction differences across 26 primarily developed markets.”
A cross-country study on the effects of national culture on earnings management (2010, background): “Along similar lines, Hung (2001) and DeFond, Hung, and Trezevant (2007) conclude that earnings are more highly correlated with stock prices in countries with stronger investor protection institutions.”
Corporate Governance and Earnings Management: A Survey of Literature (2013, background): “Prior studies find that severe earnings management and a low level of earnings informativeness are the characteristics of weak investor protection institutions (DeFond, Hung, and Trezevant, 2007; Leuz et al., 2003).”
When Firms Talk, Do Investors Listen? The Role of Trust in Stock Market Reactions to Corporate Earnings Announcements (2012, methodology): “Finally, following DeFond et al. (2007) and Landsman et al.”
Managerial Ability and Income Smoothing (2019, unknown): “Biddle and Hilary (2006) report that smoothing is related to lower investment efficiency, while DeFond, Hung, and Trezevant (2007) show that more smoothing leads to higher variance in returns around annual earnings announcements.”