The Inferential Value of Quarterly Earnings Announcements Relative to Other Sources of Information by C. Catherine Chiang School of Business North Carolina Central University Durham, NC 27707 and Yaw M. Mensah Rutgers Business School Rutgers University 94 Rockafeller Road Piscataway, NJ 08854 REVISED: December 2006 This research was made possible by financial assistance provided by the Rutgers University Research Council and the research databases provided through the Whitcomb Center for Research in Financial Services at the Rutgers Business School. An earlier version of this paper was presented at the 16th International Symposium on Forecasting held in Istanbul, Turkey.