If you have earnings too frequently, it encourages companies to become hyper focused on earnings and make less long term investments. But if there is too much gap in between earnings, there is potential for grifting. What to do?
Report very frequently, then use a moving-window average for any sharp questions of tax and legislation?
I highly doubt semi-annual reporting will shift the focus from the short term profits at all costs thinking that prevails today.
Quarterly reporting didn't seem to hurt Amazon.
Encourage more smaller privately owned companies rather than massive megacorps.