1key,authors,year,journal,doi_or_url,data_source,frequency,sample,research_question,identification,findings,point_of_distinction_for_WP392gregoire2022,Grégoire & Martineau,2022,Journal of Accounting Research,10.1111/1475-679X.12394,TAQ quotes and trades,intraday (quotes/trades),US earnings announcements,How is earnings news incorporated into prices?,event-window decomposition of price discovery,most price discovery for after-hours announcements occurs through quote updates with little trading,"WP39 uses only pre-release bars, forecasts the accounting outcome (not the return), never claims quote/trade mechanisms"3chen2022,Chen; Cho; Dou; Lev,2022,Journal of Accounting Research,10.1111/1475-679X.12429,XBRL detailed financial statement items,annual,US firms,Can ML on detailed financials predict earnings changes?,OOS prediction + return tests,boosted trees beat parsimonious models; slow pricing,"WP39 holds accounting inputs fixed and measures the marginal value of market data by sampling frequency"4zhang2023volatility,Zhang; Zhang; Cucuringu; Qian,2024,Journal of Financial Econometrics,10.1093/jjfinec/nbad005,intraday equity returns,intraday,US stocks,Does pooling intraday commonality improve ML volatility forecasts?,OOS forecasting,commonality improves volatility forecasts,"WP39 targets a signed accounting quantity, includes volatility families as controls, uses a signed vs absolute placebo"5beaver1980,Beaver; Lambert; Morse,1980,Journal of Accounting and Economics,10.1016/0165-4101(80)90013-0,CRSP/Compustat,annual,US,Do prices contain information about future earnings?,regression of earnings changes on returns,prices lead earnings,"establishes the daily/annual lead; WP39 asks what remains at minute resolution"6kothari1992,Kothari & Sloan,1992,Journal of Accounting and Economics,10.1016/0165-4101(92)90016-U,CRSP/Compustat,annual,US,Information in prices about future earnings (ERC),leading returns,ERCs rise with leading returns,"same"7collins1994,Collins; Kothari; Shanken; Sloan,1994,Journal of Accounting and Economics,10.1016/0165-4101(94)90024-8,CRSP/Compustat,annual,US,Why is the contemporaneous return-earnings association low?,lack of timeliness vs noise,prices anticipate earnings several years ahead,"same"8foster1977,Foster,1977,The Accounting Review,10.2308/tar-4493420,quarterly earnings,quarterly,US,Time-series properties of quarterly earnings,forecast evaluation,seasonal random walk with drift forecasts well,"WP39's expectation model for the surprise"9bernard1989,Bernard & Thomas,1989,Journal of Accounting Research,10.2307/2491062,CRSP/Compustat,daily,US,Post-earnings-announcement drift,event study,drift after SUE,"WP39 studies pre-release information, not post-announcement drift"10ou1989,Ou & Penman,1989,Journal of Accounting and Economics,10.1016/0165-4101(89)90017-7,Compustat,annual,US,Can financial statement analysis predict earnings and returns?,logit on ratios,yes,"WP39 B1 baseline follows this tradition"11sloan1996,Sloan,1996,The Accounting Review,10.2308/tar-9608042309,Compustat/CRSP,annual,US,Do prices reflect accruals information?,hedge portfolio,accrual anomaly,"accruals are a B1 control"12christophe2004,Christophe; Ferri; Angel,2004,Journal of Finance,10.1111/j.1540-6261.2004.00681.x,Nasdaq short sales,daily,US,Do short sellers anticipate earnings news?,pre-announcement short selling,yes,"trader-type data unavailable to WP39; WP39 tests anonymous OHLCV"13berkman2009,Berkman; Dimitrov; Jain; Koch; Tice,2009,Journal of Financial Economics,10.1016/j.jfineco.2008.04.009,CRSP/IBES,daily,US,Differences of opinion and returns around announcements,event study,prices fall around announcements for high-disagreement stocks,"announcement-window return study"14kaniel2012,Kaniel; Liu; Saar; Titman,2012,Journal of Finance,10.1111/j.1540-6261.2012.01727.x,NYSE CAUD individual trades,daily,US,Do individual investors trade informatively before earnings?,pre-event trading,yes partly,"trader-type data"15hendershott2015,Hendershott; Livdan; Schürhoff,2015,Journal of Financial Economics,10.1016/j.jfineco.2015.03.007,institutional order flow,daily,US,Are institutions informed about news?,order flow before news,yes,"order flow unavailable; WP39 never labels bar statistics as order flow"16patton2012,Patton & Verardo,2012,Review of Financial Studies,10.1093/rfs/hhs073,TAQ,intraday,US,Does beta move with news?,announcement-day realized beta,beta rises on announcement days,"announcement-day study"17bollerslev2018volume,Bollerslev; Li; Xue,2018,Review of Economic Studies,10.1093/restud/rdy003,TAQ,intraday,US,Volume-volatility relation around public news,structural model,announcement effects on volume-volatility elasticity,"announcement-window study"18weller2018,Weller,2018,Review of Financial Studies,10.1093/rfs/hhx137,TAQ + earnings,daily/intraday,US,Does algorithmic trading reduce information acquisition?,AT and pre-announcement price informativeness,AT reduces pre-announcement price informativeness,"closest mechanism paper: WP39 reports pre-release information by era as a mechanism exhibit"19lee2012,Lee,2012,Review of Financial Studies,10.1093/rfs/hhr084,TAQ,intraday,US,Jumps and information flow,jump tests around news,jumps cluster at news,"jump proxies are WP39 features"20easton2024,Easton; Kapons; Monahan; Schütt; Weisbrod,2024,The Accounting Review,10.2308/tar-2021-0478,Compustat,annual,US,Forecast earnings with k-NN,OOS forecasting,kNN competitive with analysts,"accounting inputs only"21cao2024,Cao; Jiang; Wang; Yang,2024,Journal of Financial Economics,10.1016/j.jfineco.2024.103910,analyst + ML,monthly,US,Man vs machine in stock analysis,OOS forecasts,AI complements analysts,"no intraday data"22gu2020,Gu; Kelly; Xiu,2020,Review of Financial Studies,10.1093/rfs/hhaa009,CRSP/Compustat characteristics,monthly,US,ML for return prediction,OOS R2,trees and NNs best,"methodological reference for equal-budget comparisons"23giacomini2006,Giacomini & White,2006,Econometrica,10.1111/j.1468-0262.2006.00718.x,—,—,—,Conditional predictive ability tests,—,—,"inference for H1/H2"24liu2015,Liu; Patton; Sheppard,2015,Journal of Econometrics,10.1016/j.jeconom.2015.02.008,TAQ,intraday,multi-asset,Does anything beat 5-minute RV?,forecast comparison,5-min RV hard to beat,"frequency comparison for variance measurement; WP39 asks the analogous question for fundamentals"25boucher2026wp15,Boucher,2026,UQO Working Paper 15,—,FirstRate Data 1-minute bars,1-minute,US 1992-2026,Intraday shock propagation,event studies,shocks propagate narrowly,"same vendor; different question; nothing reused"26