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Article
No news is bad news: Market reaction to reasons given for late filing of Form 10-K
Faculty Publications
  • Carol Callaway Dee
  • William A. Hillison
  • Carl J. Pacini
SelectedWorks Author Profiles:
Carl J. Pacini
Document Type
Article
Publication Date
2010
Date Issued
January 2010
Date Available
April 2014
Disciplines
Abstract

We examine the relation between reasons provided by management for late filing of Form 10-K and the market reaction to news of the late filing. We find negative abnormal returns for firms providing inadequate or boilerplate reasons for late filing (no attribution), and positive abnormal returns for firms that provide apparently legitimate reasons for late filing (attributions). Regression analyses show a positive relation between attributions and two-day CARs, after controlling for the type of earnings news in the notification of late filing found in Form 12b-25 (positive or negative news).

Comments
Abstract only. Full-text article is available only through licensed access provided by the publisher. Published in Research in Accounting Regulation, 22(2), 121-127 Members of the USF System may access the full-text of the article through the authenticated link provided.
Language
en_US
Publisher
J A I Press Inc.
Creative Commons License
Creative Commons Attribution-Noncommercial-No Derivative Works 4.0
Citation Information
Dee, C., Hillison, W. & Pacini, C. (2010). No news is bad news: Market reaction to reasons given for late filing of Form 10-K. Research in Accounting Regulation, 22(2), 121-127