Journal of Accounting and Economics Vol. 15 No. 1 1992

Communication of nonearnings information at the financial statements release date

Bong H Han¹; Ross Jennings¹; James Noel²

¹ The University of Texas at Austin · ² University of Michigan–Ann Arbor

Abstract

This study examines whether annual financial statements filed with the Securities and Exchange Commission are timely sources of information for investors. We examine a summary measure, the probability of bankruptcy, through which the release of financial statements might communicate information to investors. The results indicate that a significant association exists between revisions in the probability of bankruptcy due to nonearnings data and security returns over the fiscal year, but that investors have largely revised their estimates of the probability of bankruptcy prior to the release of the full financial statements.

DOI

10.1016/0165-4101(92)90012-q

Volume

15

Issue

1

Pages

63-86

Language

en

Sources

bibtex:phds-export.bib openalex crossref

Cite

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