" If you choose Team Quarterly, on the other hand, you benefit from incumbent status. Reducing investor information is a difficult sell for the other side. What would have happened if Enron had only reported every six months? Pretty much the same thing? Well, that’s not the point.

If you choose this side, throw in the term “information asymmetry” a lot. It vaguely means that if companies don’t report results often enough, then well-placed investors will end up knowing more than the rest of us. Although technically, if we’re talking about illegal asymmetries, something called Reg FD forbids companies from creating them, no matter the frequency of reporting. And if we’re talking about legal ones, the ultimate asymmetry is knowing how badly index funds have beaten stockpickers."

barrons.com - Quarterly annual financial reports company earnings SEC debate trump regulations