What question did this study set out to answer?

The study aims to analyze how the U.S. securities market responds to earnings disclosures by non-U.S. multinational corporations.

March 18, 2026

U.S. Securities Market Responses to Alternate Earnings Disclosures of Non-U.S. Multinational Corporations.

Key Points

The study aims to analyze how the U.S. securities market responds to earnings disclosures by non-U.S. multinational corporations.
Examined annual earnings announcements made in the U.S.
Analyzed Form 20-K filings with the U.S. Securities and Exchange Commission.
Compared market reactions to those of matched U.S. firms.
Market reacts to U.S. earnings announcements of non-U.S. multinationals.
Reactions to earnings announcements are comparable to those of matched U.S. firms.
No immediate market response is found to the Form 20-K filing.

Abstract

Abstract This study examines U.S. securities market responses to two annual reporting events of non-U.S, multinational corporations: (1) the annual earnings announcement made in the United States, and (2) the annual Form 20-K filing made with the U.S. Securities and Exchange Commission. The market reacts to the U.S. earnings announcements of these firms despite the fact that reported earnings amounts are typically not based on U.S. GAAP. Moreover, the intensity of the reactions to the U.S. earnings announcements of non-U.S. multinationals and a control sample of matched U.S. firms is comparable. No immediate response to the 20-K filing is observed.

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