Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/16811
Title: Information content and timing of earnings announcements
Authors: Chen, G
Cheng, LTW 
Gao, N
Keywords: Chinese market
Earnings
Information asymmetry
Volume
Issue Date: 2005
Publisher: Wiley-Blackwell
Source: Journal of business finance and accounting, 2005, v. 32, no. 1-2, p. 65-95 How to cite?
Journal: Journal of business finance and accounting 
Abstract: The China Securities Regulatory Commission requires all listed firms to make earnings announcements by the end of April each year. This requirement creates a unique opportunity for us to evaluate the timing of earnings announcements in a four-month cluster. Firms, which are willing to make early announcements, tend to surprise the market, as indicated by the higher volume and price reactions. Later announcements are more predictable, as indicated by the lower volume and price reactions. These results indicate that an information asymmetry exists between early and late earnings announcements in Mainland China.
URI: http://hdl.handle.net/10397/16811
ISSN: 0306-686X
DOI: 10.1111/j.0306-686X.2005.00588.x
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