The value relevance of timely information: The case of comparable store sales growth |
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| Institution: | 1. School of Accounting, Central Michigan University, Mount Pleasant, MI, United States;2. Department of Accounting, College of Business, Iowa State University, Ames, IA, United States;3. Department of Accounting, Belk College of Business, University of North Carolina, Charlotte, NC, United States;4. Department of Accounting, University of Illinois, Chicago, IL, United States;1. School of Accounting, College of Business Administration, Florida International University, USA;2. Accounting Department, College of Business, San Francisco State University, USA;3. Department of Accounting, Finance and Economics, College of Business and Public Policy, California State University, Dominguez Hills, USA;1. Florida International University, United States of America;2. University at Albany – SUNY, United States of AmericaThis article was accepted by Roger Graham;1. Department of Accounting, College of Business Administration, University of Texas at San Antonio, San Antonio, TX 78249, United States;2. Gerald W. Schlief School of Accountancy, Stephen F. Austin State University, Nacogdoches, TX 75962, United States;1. Mike Ilitch School of Business, Wayne State University, Detroit, MI 48202, United States;2. Barsema Hall, Northern Illinois University, DeKalb, IL 60115, United States;3. Manning School of Business, University of Massachusetts Lowell, Lowell, MA 01854, United States;1. Binghamton University – SUNY, USA;2. The Ohio State University, USA |
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| Abstract: | 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. |
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