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This dissertation provides empirical evidence on the market reaction to earnings warnings and management’s motivation to issue earnings warnings. Earnings warnings are any earnings-related management voluntary disclosures made prior to the earnings announcement date.1 Firms use earnings warnings to provide timely information to their shareholders and investors as well as financial analysts regarding their expected current period performance prior to the earnings announcement date (Ip [1997], McLean [2001] and Stone [2002]). Kasznik and Lev [1995; hereafter KL] and Atiase, Supattarakul, and Tse [2003; hereafter AST] find a differential market reaction to earnings news between warning and no-warning scenarios (i.e., “the. | Earnings Warnings Market Reaction and Management Motivation by Somchai Supattarakul B.B.A. M.B.A. M.P.A. Dissertation Presented to the Faculty of the Graduate School of The University of Texas at Austin in Partial Fulfillment of the Requirements for the Degree of Doctoral of Philosophy The University of Texas at Austin May 2003 UMI Number 3116199 UMI Microform 3116199 Copyright 2004 by ProQuest Information and Learning Company. All rights reserved. This microform edition is protected against unauthorized copying under Title 17 United States Code. ProQuest Information and Learning Company 300 North Zeeb Road PO Box 1346 Ann Arbor MI 48106-1346 Dedication To my .
