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This paper provides evidence on corporate voluntary disclosure practices through an examination of the earnings-related disclosures made by a random sample of 93 NASDAQ firms during 1981-90.' I find that, consistent with prior studies, earnings-related voluntary disclosures occur infrequently (on average, one disclosure for every ten quarterly earnings announcements); good news disclosures tend to be point or range estimates of annual earnings-per-share (EPS), while bad news disclosures tend to be qualitative statements about the current quarter's earnings; the (unconditional) stock price response to bad
Douglas J. Skinner (1994) studied this question.