Abstract
This study finds that higher asymmetric timeliness is associated with slower resolution of investor disagreement and uncertainty at earnings announcements. These findings indicate that a potential cost of asymmetric timeliness is less transparent earnings, which impedes equityholders’ ability to discern the valuation implications of earnings when they are announced. We also find that during the earnings announcement period after the initial price reaction to the announcement, firms with higher levels of asymmetric timeliness have positive stock returns and higher levels of stock purchases by insiders.
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