The value relevance of timely information: The case of comparable store sales growth

Philip Keejae Hong, Sam Lee, Patricia Mynatt, Ram Ramakrishnan

Research output: Contribution to journalArticlepeer-review

3 Scopus citations


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.

Original languageEnglish
Pages (from-to)10-21
Number of pages12
JournalAdvances in Accounting
StatePublished - Mar 2019


  • Comparable store sales
  • Financial analysts
  • Same-store sales
  • Timely disclosures


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