Does good news cover bad news?

IF 2.2 3区管理学 Q2 BUSINESS, FINANCE Journal of Business Finance & Accounting Pub Date : 2023-12-29 DOI:10.1111/jbfa.12779

Qingbin Meng, Shaojing Ke, Daxuan Zhao, Yongqiang Chu

引用次数: 0

Abstract

Does 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.

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好消息能掩盖坏消息吗？

好消息是否能掩盖坏消息？我们提供了来自中国股市的证据，在中国，财政年度始终与日历年度相同。上市公司必须在 4 月底之前公布年报，与第一季度报告的发布截止日期相吻合。我们发现，上一年出现负盈利意外的公司更有可能推迟公布年报，直到公布第一季度报告。但是，我们没有发现任何证据表明这种捆绑披露会削弱市场对年报信息的反应。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Business Finance & Accounting BUSINESS, FINANCE-

CiteScore

4.40

自引率

17.20%

发文量

期刊介绍： Journal of Business Finance and Accounting exists to publish high quality research papers in accounting, corporate finance, corporate governance and their interfaces. The interfaces are relevant in many areas such as financial reporting and communication, valuation, financial performance measurement and managerial reward and control structures. A feature of JBFA is that it recognises that informational problems are pervasive in financial markets and business organisations, and that accounting plays an important role in resolving such problems. JBFA welcomes both theoretical and empirical contributions. Nonetheless, theoretical papers should yield novel testable implications, and empirical papers should be theoretically well-motivated. The Editors view accounting and finance as being closely related to economics and, as a consequence, papers submitted will often have theoretical motivations that are grounded in economics. JBFA, however, also seeks papers that complement economics-based theorising with theoretical developments originating in other social science disciplines or traditions. While many papers in JBFA use econometric or related empirical methods, the Editors also welcome contributions that use other empirical research methods. Although the scope of JBFA is broad, it is not a suitable outlet for highly abstract mathematical papers, or empirical papers with inadequate theoretical motivation. Also, papers that study asset pricing, or the operations of financial markets, should have direct implications for one or more of preparers, regulators, users of financial statements, and corporate financial decision makers, or at least should have implications for the development of future research relevant to such users.

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