Thewissen, JamesLe Peutrec, Pierre LouisPierre LouisLe Peutrec2025-05-142025-05-142025-05-142023https://hdl.handle.net/2078.2/35950This research examines the impact of the reporting timing of earnings press releases by publicly listed companies in the United States on market perception and company performance. Utilizing robust linear regression models with endogeneity tests, we investigated the association between reporting timing and the firm's financial performance. The premise of the study was that companies with poor financial results tend to delay their press releases beyond the initially projected date. Furthermore, we explored the concept of 'obfuscation,' where companies provide additional positive information to mitigate the impact of negative earnings surprises. Our findings, based on statistical estimates, indicate that a delay in the publication of earnings press releases serves as a significant signal of a company's performance, with a noticeable reaction of abnormal returns to the timing of these announcements. We demonstrated that the sentiment expressed in earnings press releases significantly varies with the number of days elapsed after the end of the quarter, and late press releases are generally associated with lower company performance. These results contribute to our understanding of the impact of reporting timing on the financial market and can aid investors in refining their investment strategies by reducing information asymmetry.Corporate Financeearning press releasefinancetext::thesis::master thesisthesis:40152