This study examines the information content of firms’ operations-related disclosures (ORDs) and the importance of these disclosures as an information source to stock markets relative to other commonly examined sources of information. I find that ORDs constitute a large portion of corporate press releases. These disclosures are associated with significant stock price reactions and trading volume. The stock price reactions to ORDs are greater than the reactions to 10-K/Q reports and are of similar magnitudes to the reactions to 8-K filings. On average, ORDs explain variation in firms’ quarterly returns to a similar degree as management earnings forecasts and 10-K/Q reports for the full sample and to a greater degree for small firms and firms with lower earnings quality.

这项研究检查了企业与运营相关的披露（ORD）的信息内容，以及这些披露作为股票市场的信息源（相对于其他通常检查的信息源）的重要性。我发现ORD构成了公司新闻稿的很大一部分。这些披露与重大的股价反应和交易量有关。股票价格对ORD的反应大于对10-K / Q报告的反应，其幅度与对8-K申请的反应相似。平均而言，ORD可以解释公司季度收益率的变化，其程度与管理层的收入预测和完整样本的10-K / Q报告相似，而对于小型公司和收益质量较低的公司则更大。