How important are semi‐annual earnings announcements? An information event perspective

Using a method that avoids the need to specify earnings expectations, we demonstrate period surrounding semi-annual announcement of Australian firms' is, on average, an important source information. Although there is substantial year-to-year variation, observe no evidence any significant time trend, and also conclude shift from domestic generally accepted accounting principle International Financial Reporting Standards did not impact association between windows stock returns. We find informativeness announcements varies systematically with firm size, analyst following or economic news (i.e., positive vs. negative returns, profits losses), although do variation across industries. Our conclusion further supported by contrasting release date days immediately prior release, high information other than windows. more precise event window relative studies 3 h days), confirm contain new about fundamentals.