Styles Table 4 Regression results Font Paragraph Q1. Duarte-Silva, Fu, Noe and Ramesh (2013) conduct a study of U.S. firms announcing delay in publishing their annual or quarterly earnings. They investigate a sample of 468 such delay announcements for the period 1995- 2009.2 Their dependent variable is the one-day abnormal stock returns calculated as firm specific stock returns minus the corresponding CRSP value- weighted market index return, including dividends - in other words, the return component not explained by the overall market movement on the announcement day. The authors classify their sample according to stated reason for the delay. Reasons were classified a as: "Accounting", subdivided into: (a) Accounting issue" explanations identified a specific accounting related cause, such as revenue recognition or impairment testing, for the delay. (b) "Accounting process" was identified as the delay reason if the period-end accounting process was not complete but a specific explanation was not provided. (c) "Accounting rule change" attributed the delay to the implementation of a new accounting standard. "Nonaccounting", subdivided into: (a) "Business" explanations attributed the delay to some event related to company operations (e.g., merger, divestiture, or regulatory proceeding). (b) "Other" captured all non-business reasons for delays (e.g., hurricane, earthquake, or power outage). No reason given. Variables Intercept Accounting issue Accounting process Accounting rule change Business event Other Positive guidance vs. expectations Neutral guidance vs expectations Negative guidance vs expectations Post-SOX Restatement Firm size Book-to-market-ratio Days until earning release Change in EPS R-squared Observations coefficient -0.1797 0.0313 0.0404 0.0698 0.0814 0.0954 0.509 0.0115 -0,0439 0.0635 -0.0153 0.0071 0.0029 -0.0004 0.1378 0.21 468 p-value