The purpose of this article is to examine whether the legal obligation for Belgian listed companies to release annually their earnings is still useful in markets where the quantity of information already present is important. A sample of 108 earnings releases between January 1997 and June 1999 by Belgian companies listed on the First Market of the Brussels Stock Exchange has been analysed. The ...

Over the last decade, the SEC has taken a number of steps to move towards a realtime reporting regime in an effort to deter strategic accumulation of news disclosures by management. However, evidence from theoretical literature suggests managers are still able to engage in strategic bunching of within-firm disclosures under a real-time reporting regime if managers have control over the timing o...

We explore the effects of individualand network-level negative word-of-mouth on the firm’s profits using an agent-based model and specifically, an extended small world analysis. We include both permanent strong ties within the social network, and changing, often random, weak ties with other networks. The effect of negative word-of-mouth on the Net Present Value (NPV) of the firm was found to be...

Profit warnings (large negative earnings surprises) are important corporate reporting documents for delivering bad news and a distinctive communication genre. The 2020 COVID-19 exogenous shock provides unique worldwide crisis context company disclosure of news. research develops genre-based typology/analytical framework assessing profit warnings’ quality comprising: (1) Four warning/forecast ch...

We test the hypothesis that investment constraints in delegated portfolio management may distort demand for stocks, leading to price underreaction to news and stock return predictability. We find that institutions tend not to buy more of a stock with good news that they already overweight; they are reluctant to sell a stock with bad news that they already underweight. Stocks with good news over...

Disclosure and secrecy with mothers and best friends about personal, bad behavior, and multifaceted (e.g., staying out late) activities were examined using daily diaries among 102 ethnically diverse, urban middle adolescents (M = 15.18 years, SD = .89). Adolescents disclosed more and kept fewer secrets from best friends than from mothers and more frequently disclosed and kept secrets about thei...