Abstract Investors and analysts have called for more timely disclosure of corporate information. Responding to these demands, some retail firms issue comparable store sales (CSS) on a monthly or a quarterly basis in addition to an annual basis. This study examines whether a timely disclosure of CSS provides value-relevant information to market participants by examining investors' and financial analysts' responses at the time of CSS disclosures (short-horizon) and over the month or the quarter (long-horizon). We find that both monthly and quarterly CSS are associated with contemporaneous market returns and analyst forecast revisions. More importantly, we find that quarterly CSS news becomes less important to investors when firms provide more timely CSS information, indicating that monthly CSS reports may preempt the information content of quarterly CSS. Additional tests show that investors and analysts rely less on CSS if CSS news and earnings (sales) news are inconsistent.

中文翻译：

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及时信息的价值相关性：可比商店销售增长的情况

摘要投资者和分析师呼吁更及时地披露公司信息。响应于这些需求，一些零售公司除了每年之外，还每月或每季度发布可比较的商店销售（CSS）。这项研究通过检查投资者和金融分析师在CSS披露之时（短期）和一个月或一个季度（长期）中的投资者和财务分析师的回应，来检查是否及时披露CSS会为市场参与者提供与价值相关的信息。我们发现，每月和每季度的CSS都与同期的市场回报和分析师的预测修订相关。更重要的是，我们发现，当公司提供更及时的CSS信息时，季度CSS新闻对投资者而言就变得不那么重要了，表示每月CSS报告可能会取代季度CSS的信息内容。其他测试表明，如果CSS新闻和收益（销售）新闻不一致，则投资者和分析师对CSS的依赖会减少。