Investor uncertainty about firm value drives investors' information collection and trading
activities, as well as managers' disclosure choices. This study examines an important source …

This study documents a six-fold increase in short-term return reversals during earnings
announcements relative to non-announcement periods. Following prior research, we use …

We review the literature on recurring firm events and predictable returns. Many common firm
events recur on a predictable basis, such as earnings and dividends, among others. These …

This study presents a field experiment in which media articles for a random sample of firms
with earnings announcements are promoted to a one percent subset of Yahoo Finance …

We present evidence consistent with markets failing to properly price information in
seasonal earnings patterns. Firms with historically larger earnings in one quarter of the year …

This paper provides new evidence that investor attention explains positive returns around
earnings announcements and reconciles the attention explanation with information-based …

Using novel earnings calendar data, we show that firms' advanced scheduling of earnings
announcement dates foreshadows their earnings news. Firms that schedule later-than …

We commemorate the 50th anniversary of Ball and Brown [1968] by chronicling its impact on
capital market research in accounting. We trace the evolution of various research paths that …

We develop a novel methodology for studying the causal impact of announcement timing.
Our methodology uses firms' earnings announcements and leverages quasi-exogenous …

I propose and test a new explanation for the pre-FOMC announcement drift puzzle. I show
that such a drift arises in a model where investors interpret a given FOMC action based on …