Does good news cover bad news?-Reference-Cited by-同舟云学术

Does good news cover bad news?

Published:2023-12-29 Issue: Volume: Page:
ISSN:0306-686X
Container-title:Journal of Business Finance & Accounting
language:en
Short-container-title:Business Fin & Account

Author:

Meng Qingbin¹,Ke Shaojing²,Zhao Daxuan¹,Chu Yongqiang³

Affiliation:

1. Department of Finance, School of Business Renmin University of China Beijing China

2. School of Finance Central University of Finance and Economics Beijing China

3. Department of Finance, Belk College of Business University of North Carolina Charlotte North Carolina USA

Abstract

AbstractDoes good news cover bad news? We present evidence from the Chinese stock market, in which the fiscal year is always the same as the calendar year. Listed firms are required to announce their annual report by the end of April, coinciding with the deadline for the release of their first‐quarter reports. We find that firms with negative earnings surprises in the previous year are more likely to postpone the announcement of their annual report until they announce their first‐quarter report. However, we find no evidence to suggest that this bundling disclosure weakens market responses to information in annual reports.

Publisher

Wiley

Subject

Finance,Business, Management and Accounting (miscellaneous),Accounting

Link

https://onlinelibrary.wiley.com/doi/pdf/10.1111/jbfa.12779

Reference42 articles.

1. Political Connections and Minority-Shareholder Protection: Evidence from Securities-Market Regulation in China

2. Information bundling and securities litigation

3. Open versus closed conference calls: the determinants and effects of broadening access to disclosure

4. Corporate Disclosure Practices, Institutional Investors, and Stock Return Volatility