The value relevance of timely information: The case of comparable store sales growth

Hong, Philip Keejae and Lee, Sam and Mynatt, Patricia and Ramakrishnan, Ram,(2019), The value relevance of timely information: The case of comparable store sales growth. , Advances in Accounting, UNSPECIFIED

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Investors and analysts have called for more timely disclosure of corporate information. Responding to these demands, some retail firms issue comparable store sales (CSS) on a monthly or a quarterly basis in addition to an annual basis. This study examines whether a timely disclosure of CSS provides value-relevant information to market participants by examining investors' and financial analysts' responses at the time of CSS disclosures (short-horizon) and over the month or the quarter (long-horizon). We find that both monthly and quarterly CSS are associated with contemporaneous market returns and analyst forecast revisions. More importantly, we find that quarterly CSS news becomes less important to investors when firms provide more timely CSS information, indicating that monthly CSS reports may preempt the information content of quarterly CSS. Additional tests show that investors and analysts rely less on CSS if CSS news and earnings (sales) news are inconsistent.
Keywords : Comparable store sales Same-store sales Financial analysts Timely disclosures JEL classification:, UNSPECIFIED
Journal or Publication Title: Advances in Accounting
Volume: 44
Item Type: Article
Subjects: Akuntansi
Depositing User: Users 8 not found.
Date Deposited: 23 Dec 2019 08:18
Last Modified: 23 Dec 2019 08:18

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