The market reaction to 10-K and 10-Q filings and to subsequent The Wall Street Journal earnings announcements

Article Abstract:

Firms file 10-K or 10-Q forms with the SEC several days before their earnings are announced in The Wall Street Journal (WSJ). The 10-K or 10-Q filing represents the first public announcement of the firms' earnings. Previous research reveals significant increases in volume and price activity surrounding the appearance of earnings announcements in the WSJ. Research was conducted to ascertain whether market reaction to earnings announcements occurs at the time of the SEC filing or at the time of the WSJ earnings announcement. The daily price and volume data for 342 quarters for which the WSJ earnings announcement followed the SEC filing by a minimum of four trading days was tested. Research results reveal no significant activity at the time of the SEC filing, but evidence of market reaction to the subsequent earnings announcement in the WSJ.

Economic aspects, Prices and rates, Stocks, Reports, Stock prices, The Wall Street Journal (Newspaper), United States. Securities and Exchange Commission, Corporation reports, Company reports, Earnings per share

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Strategic errors and audit quality: an experimental investigation

Article Abstract:

A series of bimatrix games between managers and auditors is conducted to determine the change in quality of audited financial statements in the presence of more honest auditors. Contrary to the Nash prediction, the quality of reports is higher in the presence of computerized auditors with higher audit effort. The Quantal Response Equilibrium more accurately explains the results.

Switzerland, Product quality, Management dynamics, Reporting & Disclosure, Usage, Practice, Quality management, Auditors, Financial statements, Game theory, Financial managers, Report

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