Affiliation:
1. The Pennsylvania State University
Abstract
ABSTRACT
I study whether there are peer effects in disclosure timing decisions. Using plausibly exogenous variation in the timing of peers’ earnings announcements based on a threshold in Securities and Exchange Commission (SEC) reporting deadline rules, I find that a focal firm responds to a peer’s early announcement by announcing its own earnings early. Consistent with attention competition, early-announcing peers attract market attention away from the focal firm, incentivizing it to also accelerate its own announcement. Moreover, peer effects impose significant negative spillover effects in the form of increased accounting-related costs on firms facing peer pressure to report early. My findings highlight a novel externality of peer effects in disclosure that has important implications for policymakers concerned with the timing of information releases.
JEL Classifications: M41; M42; M48.
Publisher
American Accounting Association
Subject
Economics and Econometrics,Finance,Accounting
Cited by
5 articles.
订阅此论文施引文献
订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献