Title

No news is bad news: Market reaction to reasons given for late filing of Form 10-K

SelectedWorks Author Profiles:

Carl J. Pacini

Document Type

Article

Publication Date

2010

Date Issued

January 2010

Date Available

April 2014

ISSN

1052-0457

Abstract

We examine the relation between reasons provided by management for late filing of Form 10-K and the market reaction to news of the late filing. We find negative abnormal returns for firms providing inadequate or boilerplate reasons for late filing (no attribution), and positive abnormal returns for firms that provide apparently legitimate reasons for late filing (attributions). Regression analyses show a positive relation between attributions and two-day CARs, after controlling for the type of earnings news in the notification of late filing found in Form 12b-25 (positive or negative news).

Comments

Abstract only. Full-text article is available only through licensed access provided by the publisher. Published in Research in Accounting Regulation, 22(2), 121-127 Members of the USF System may access the full-text of the article through the authenticated link provided.

Language

en_US

Publisher

J A I Press Inc.

Creative Commons License

Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License.