Time-related variables (dates are included) in Investext and IBES.

• In Investext, we have:

  • Creation Time (c_time): The time the pdf reports are created;
  • Modification Time (m_time): The time at which the pdf reports are modified (most reports do not have this time). The modification time for some reports is several minutes or hours after the creation time. In these instances, analysts modify pdf reports immediately following a single research task. In the other instances, the modification date is years after the creation time because the report is compiled using a template.
  • Report Time (rp_time): The later of the creation and modification times.

• In IBES, we have:

  • Announcement Time (anntims/ann_time): The time that estimates are submit to IBES;
  • Activation Time (acttims/atv_time): The time that the estimates become available to all IBES users. Before the esimates are activated, IBES will verify their accuracy and consistency, a process that takes minutes to hours. However, IBES is equipped with a real-time system that distributes preliminary estimates to clients, following a quick, automated quality check.
  • Announcement Time Actual (anntims_act/act_time): The time that the actual earnings are announced.
  • Activation Time Actual (acttims_act/atv_act_time): The time at which the actual earnings are accessible within IBES. In general, the act time is not significantly different from the atv act time.
  • Revision Time (revtims): The time at which the IBES verifies whether the estimate is up to date.