We describe the challenges of forecasting earnings in a globally interconnected marketplace, and we document inefficient use of information regarding foreign country exposures and expected country GDP growth at the consensus and individual forecast levels. A country's proximity to the US,...

We documented that announcements of a delay in the reporting of earnings produce an average one-day abnormal stock return of approximately -6%, with delays precipitated by accounting issues or lacking an explanation resulting in more negative market reactions than delays relating to business...