Abstract
Timing of financial disclosures of publicly traded firms is important to their investors. Prior research has examined the timing of earning announcements through voluntary new release. In this research, we analyze the timing of mandatory 10-K and 10-Q filings submitted to the EDGAR system. Unlike prior research that relies on third-party data sources, we construct our dataset using the original data from the SEC. The dataset allows us to analyze timing at much finer granularity. Our results show that filings concentrate in a 1.5-hour window (16:00-17:30). Different from earnings announcements that rarely occur during trading hours, more than 40% filings are submitted during trading hours. We also observe that most filings are submitted near the regulated deadlines, and this is especially true for non- accelerated filers. In contrast, large accelerated filers are more likely to submit their filings ahead of regulated declines.
Recommended Citation
Nakamizo, Kosuke and Zhu, Hongwei, "When Do Firms Disclose Their Quarterly and Annual Financials? An Exploratory Study of Filings in EDGAR." (2018). PACIS 2018 Proceedings. 56.
https://aisel.aisnet.org/pacis2018/56