在各國股票市場對財務報告頻率的要求中，獨有台灣市場規定上市櫃公司需併行每季財務報告揭露與強制性月營收揭露。此特殊實務造成部分本季營收可能較前季財報盈餘更早被揭露。本計畫旨在調查及時的月營收揭露能否幫助投資者了解公司未來績效，因此減輕對公司報導盈餘的錯誤定價。本計畫提出月營收揭露早於或同時於前季財報盈餘揭露可以幫助投資人了解公司未來盈利能力，從而減輕盈餘宣告後股價延遲反應。本計畫也將驗證公司盈餘波動性是否會對月營收揭露即時性與盈餘宣告後股價延遲反應間關係產生影響。預期結果顯示盈餘波動性較高公司，即時月營收揭露將更進一步降低投資人對盈餘資訊的反應不足。本計畫接著比較月營收公告早於及同時於前季財報盈餘揭露間，盈餘宣告後股價延遲反應是否具顯著差異。由於月營收揭露同時於前季財報盈餘揭露造成投資人資訊超載，因此預期月營收與前季盈餘同時揭露，相較於月營收先前季盈餘揭露，將產生較高的盈餘宣告後異常報酬。
The practice of quarterly interim financial reporting with mandatory monthly sales announcement in Taiwanese stock markets is a unique setting in reporting frequency around the world. This study focuses on timely monthly sales disclosures (TMSDs)—the monthly sales released before or bundled with earnings announcements (EAs)—to investigate whether the timely non-GAAP disclosure helps investors promptly recognize expectations of future earnings and mitigate the mispricing to earnings news. I propose that monthly sales reported before or overlapping with earnings releases could help investors better conjecture a firm’s profitability and thus mitigate the post-earnings-announcement drift. I also examine the effect of past earnings volatility on the post-earnings-announcement drift when partial next quarter’s monthly sales disclosures are reported before or bundled with the previous quarter’s EAs. I expect that the TMSDs with higher ex ante earnings volatility alleviate investors’ underreaction to current earnings. I next consider whether monthly sales disclosures bundled with EAs are related to greater post-earnings-announcement drift than monthly sales disclosures before EAs. I propose that the bundled TMSDs are associated with a higher post-announcement abnormal stock price reaction to earnings news relative to the standalone TMSDs due to investor information overload of the concurrent information.
