Market Reaction Surrounding the Filing of Periodic SEC Reports

Li, Edward Xuejun; Ramesh, K.

doi:10.2308/accr.2009.84.4.1171

Cited by 155 publications

(72 citation statements)

References 39 publications

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“…Griffin (2003) provides evidence that there is a general market reaction to 10-Q filings in a more recent time period. However, Li and Ramesh (2009) good news (i.e. a reduction in the probability of a negative event).…”

Section: Test Three Hypotheses Related To My Predictions First I mentioning

confidence: 99%

“…earnings announcement date is less than seven days before the filing date. 16 In addition, firms who file late may also confound the price reaction to the quarterly filing (Balsam et al 2002;Li and Ramesh 2009). Therefore, I exclude all observations where the 10-Q is filed after the filing deadline, which is forty days after the end of quarter for firms in my sample during this period of time.…”

Section: Tests Of H3 Using Data On An Annual Basismentioning

confidence: 99%

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The Information Content of Risk Factor Disclosures in Quarterly Reports

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2015

Accounting Horizons

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I examine whether recently required risk factor update disclosures in quarterly reports provide investors with timely information regarding potential future negative economic events. Specifically, I examine whether risk factor updates in 10-Q filings are associated with negative abnormal returns at the time the updates are disclosed and whether quarterly updates are followed by negative earnings shocks. I find that firms presenting updates to their risk factor disclosures have significantly lower abnormal returns around the filing date of the 10-Q relative to firms without updates. I also find that firms with updates to their risk factors section have significantly lower future unexpected earnings and are more likely to experience future extreme negative earnings shocks. These findings suggest that the recent disclosure requirement mandated by the SEC was successful in generating timely disclosure of bad news

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Section: Test Three Hypotheses Related To My Predictions First I mentioning

confidence: 99%

Section: Tests Of H3 Using Data On An Annual Basismentioning

confidence: 99%

The Information Content of Risk Factor Disclosures in Quarterly Reports

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2015

Accounting Horizons

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“…Such research was also conducted in relation to Form 10-Ks filed after SEC deadline, revealing a worse financial performance of a firm compared with previous year performance and expected performance [Li and Ramesh 2009].…”

Section: Literature Reviewmentioning

confidence: 99%

Measuring the usefulness of information publication time to proxy for returns

Blitzer¹

2015

EBR

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e complex relationship between intrinsic and extrinsic rewards Orni Gov Improvement of the communication between teachers and students in the coaching programme and in a process of action research Review, Vol. 1 (15), No. 4, 2015: 46-68 DOI: 10.18559/ebr.2015 Measuring the usefulness of information publication time to proxy for returns 1 Itai Blitzer 2Abstract : This paper deals with investors' reaction to financial reports submitted by firms to the stock exchange, and specifically measures the influence of publication timing on investors: by using the proximity of the publication date to the regulated publication deadline as an independent variable the study examines whether deadline proximity causes a change in investors' reaction (as reflected in share returns).Understanding the connection between the publication date and investors' reaction contributes to the general understanding of financial reports and to the understanding of investors as recipients of those reports.Methodology: quantitative analysis is used based on empirical data collected at the Tel-Aviv Stock Exchange from financial reports published over the fiscal years [2009][2010][2011][2012][2013]. The data include quarterly and yearly financial reports and share performance for the corresponding periods. By bundling report publications made within a specific proximity to the deadline and comparing them with investors' reaction, non-parametric tests reveal a statistically significant correlation between the publication date deadline proximity to the share performance (returns).The conclusion of this research is that the time of financial report publication has an influence on investors' reaction. This suggests that investors react to financial reports not just based on their intrinsic information content but also in respect of their publication time.

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“…Most firms release earnings announcement with preliminary earnings figures prior to filing mandatory disclosures with the SEC. Li and Ramesh (2009) reveal that 16 percent of annual SEC reports were filed on the same day when earnings announcements were issued from 1996 to 2006. The relative timing difference in fourth quarter earnings announcement date and 10-K date can affect the respective informativeness of the two disclosures (Li & Ramesh, 2009;Doyle & Magilke, 2010).…”

Section: Hypotheses Developmentmentioning

confidence: 99%

“…Li and Ramesh (2009) reveal that 16 percent of annual SEC reports were filed on the same day when earnings announcements were issued from 1996 to 2006. The relative timing difference in fourth quarter earnings announcement date and 10-K date can affect the respective informativeness of the two disclosures (Li & Ramesh, 2009;Doyle & Magilke, 2010). Even if 10-Ks are filed sooner, it is possible earnings timeliness does not improve if it takes longer for firms to issue their earnings announcement.…”

Section: Hypotheses Developmentmentioning

confidence: 99%

The Effect of the SEC’s Accelerated Filing Deadline on Earnings Timeliness

2015

IJEF

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I examine whether the accelerated 10-K filing deadline affects earnings timeliness. The SEC's acceleration of the filing deadline of Form 10-K took effect in 2003. In proposing a new rule, the SEC asserted that the usefulness of the 10-K would increase because of the improved timeliness of the report. On the other hand, opponents claimed that the quality and accuracy of the report could be impaired. I compare timeliness of pre-acceleration period to that of post-acceleration period. Overall, my findings provide little support for the SEC's claim that the accelerated deadline would improve timeliness of periodic reports.

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Market Reaction Surrounding the Filing of Periodic SEC Reports

Cited by 155 publications

References 39 publications

The Information Content of Risk Factor Disclosures in Quarterly Reports

The Information Content of Risk Factor Disclosures in Quarterly Reports

Measuring the usefulness of information publication time to proxy for returns

The Effect of the SEC’s Accelerated Filing Deadline on Earnings Timeliness

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