Abstract
Prior research has examined the association between management forecast disclosure and earnings volatility, unexpected earnings, and firm size (e.g., Waymire [1985]). This study examines whether similar associations exist for a different voluntary disclosure item (interim earnings) in a different institutional setting (New Zealand). Results are based on a sample of 172 New Zealand firms that reported semiannual earnings during 1973-76, when the content of semiannual disclosures was unregulated. In this paper, announcements containing point estimates of earnings were classified as quantified disclosures; the remainder were classified as nonquan-
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