Earnings Performance and Discretionary Disclosures
Earnings Performance and Discretionary Disclosures
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DOI：
10.2139/ssrn.198973
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发表时间：
1999-12
期刊：
影响因子：
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通讯作者：
Gregory S. Miller
中科院分区：
文献类型：
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作者：
Gregory S. Miller
虽然盈余业绩对披露的影响是披露文献中的一个基本问题，但我们对这种影响的理解有限。在本文中，我从经历长时间季节性调整后收益增长的公司样本中考察了一套全面的披露。我研究这些公司如何调整披露以应对收益的增加，披露如何随着强劲收益表现的时期接近尾声而变化，以及公司如何在随后的收益下降期间披露。我发现，在收入增加期间，披露的信息有所增加。这种增长在所有类型的披露中都很普遍，而且往往与收益公告捆绑在一起。市场对这一披露反应积极。企业在接近盈利下滑之际，仍在高水平披露业绩。然而，他们转而关注积极的短期结果，而不讨论即将到来的减少。虽然这种行为是系统性的，但市场似乎并没有预料到随后的收益下降。一旦公司宣布收益下降，披露的程度就会恢复到收益增加之前的水平。
While the influence of earnings performance on disclosure is a fundamental issue in the disclosure literature, our understanding of this influence is limited. In this paper, I examine a comprehensive set of disclosures from a sample of firms experiencing an extended period of seasonally adjusted earnings increases. I study how these firms adjust disclosure in response to earnings increases, how disclosure changes as the period of strong earnings performance nears an end and how firms disclose during a subsequent period of earnings decline. I find an increase in disclosure during the period of increased earnings. This increase is pervasive across all types of disclosure and tends to be bundled with earnings announcements. The market responds positively to this disclosure. Firms continue to disclose at a high level as they approach earnings declines. However, they shift to disclosures that focus on the positive short‐term results and do not discuss the impending decreases. While this behavior is systematic, the market does not appear to anticipate the subsequent earnings declines. Once the firms announce earnings declines, the magnitude of disclosure returns to the level provided prior to the increased earnings.