Research documents price comovements or “spillovers” between focal firms and peer firms at focal-firm-earnings announcements. We find signed and absolute comovements between focal-firm and peer-firm returns are significantly lower at earnings-announcement dates compared to non-announcement...

More companies are disclosing free cash flow in their earnings announcements. Companies choose a range of definitions for disclosed free cash flow, none of which correspond to the theoretical definition. The most common definition (in 38% of free cash flow disclosures) is operating cash flow...

More companies are disclosing free cash flow in their earnings announcements. Companies choose a range of definitions, almost none of which correspond to the theoretical finance definition. The most common definition (in 40% of free cash flow disclosures) is operating cash flow minus gross...