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Title: Good News Early - Bad News Late: Evidence from the Alternative Investment Market (AIM)
Authors: Tabner, Isaac
Urquhart, Sinead
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Citation: Tabner I & Urquhart S (2011) Good News Early - Bad News Late: Evidence from the Alternative Investment Market (AIM). University of Waseda Institute of Finance Working Papers, WIF-11-005.
Keywords: Alternative Investment Market (AIM)
Earnings Announcement Timing
Good News Early – Bad News Late
Reporting Lag
Information Asymmetry
Issue Date: Oct-2011
Series/Report no.: University of Waseda Institute of Finance Working Papers, WIF-11-005
Abstract: We examine whether early/late reporting firms are characterized by variables such as size, liquidity, bankruptcy risk and reporting lag history. The most important predictor of the reporting lag is the lag ranking observed in the previous year. Early firms have a lower bid-ask spread than late firms and early announcements are more likely to contain unexpected good news. There is also evidence that pre-disclosure information asymmetry is higher in early rather than late firms. Conversely, late announcements are characterised by bad news and the stock returns of late firms underperform early and control firms both before and after the announcement.
Type: Working or Discussion Paper
Rights: The publisher has not responded to our queries therefore this work cannot be made publicly available in this Repository. Please use the Request a Copy feature at the foot of the Repository record to request a copy directly from the author. You can only request a copy if you wish to use this work for your own research or private study.
Affiliation: Accounting and Finance
University of Stirling

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