Schaub, NicNicSchaub2023-04-132023-04-132018-08https://www.alexandria.unisg.ch/handle/20.500.14171/10019910.1017/S0022109018000133This study investigates whether financial data providers serve as information intermediaries in capital markets. To this end, I examine whether the timeliness of earnings information disseminated by First Call (Thomson Reuters) affects the market's reaction to earnings announcements. I document that the immediate price and volume response is weaker and the post-earnings announcement drift stronger for earnings news disseminated with a delay by First Call. To mitigate endogeneity concerns, I study the market reaction on the day of the delayed dissemination and show that a significant part of the stronger drift is clustered around this day.eninformation intermediariesdata providersearnings announcementscapital market reactionpost-earnings announcement driftjournal article