NOUN (3)

1. the time or season when sheep are sheared;

2. a festival held at the time sheep are normally sheared;

3. act of shearing sheep;

The Collaborative International Dictionary of English v.0.48:

Sheep-shearing \Sheep"-shear`ing\, n.
   1. Act of shearing sheep.
      [1913 Webster]

   2. A feast at the time of sheep-shearing. --Shak.
      [1913 Webster]

WordNet (r) 3.0 (2006):

sheepshearing
    n 1: the time or season when sheep are sheared
    2: a festival held at the time sheep are normally sheared
    3: act of shearing sheep