We find that ceteris paribus,companies with good news in both last year and first quarter and with higher EPS,ROE and OPE in first quarter,have greater time difference of quarter reports disclosure;

• 实证研究显示,上年年报和一季度季报均为“好消息”,一季度每股收益、净资产收益率和主营业务利润率高的上市公司季报披露时间间隔大;