Abnormal Stock Performance of Late Filing Firms: Additional Investigation
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Citation of Original Publication
Pevzner, Mikhail, Abnormal Stock Performance of Late Filing Firms: Additional Investigation (June 2006).
This paper examines whether the previously observed future under performance of the portfolio of the late 10-K filing firms exists in post EDGAR period and any reasons for the observed under-performance. I find that there is some evidence of under-performance of the portfolio of the late filing firms. I further find that in post-EDGAR period, the late filing firms have higher de-listing probabilities and that the observed under-performance is driven by the future negative stock performance of the sample of the de-listed late filing firms. I conclude that, in post-EDGAR period the market generally correctly values late filing firms.