منابع مشابه
Earnings Announcements and Competing Information
We investigate whether competing information, primarily analyst reports, reduces the usefulness of earnings announcements. Our examination of this issue has two parts. First, we examine whether investors’ use of analyst reports, as measured by the absolute abnormal returns to these reports, substitutes for their use of earnings announcements. We find that market reactions to earnings announceme...
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Operational risk incidences are likely to increase the degree of information asymmetry between firms and investors. We analyze operational risk disclosures by US financial firms during 1995–2009 and their impact on different measures of information asymmetry in the firms’ equity markets. Effective spreads and the price impact of trades are shown to increase around the first announcements of suc...
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متن کاملEndogenous Information Flows and the Clustering of Announcements † By Viral
2955 One of the most important ingredients in the process of price discovery in financial markets is the flow of new information. The importance of information flow is perhaps most apparent during times of market “crisis,” when it often seems that bad news is being reported simultaneously from multiple sources. This clustering of news could occur because firms learn more during bad times, or be...
متن کاملEndogenous Information Flows and the Clustering of Announcements
We consider the release of information by a firm when the manager has discretion regarding the timing of its release. While it is well known that firms appear to delay the release of bad news, we examine how external information about the state of the economy (or the industry) affects this decision. We develop a dynamic model of strategic disclosure in which a firm may privately receive informa...
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ژورنال
عنوان ژورنال: Resonance
سال: 2021
ISSN: ['0973-712X']
DOI: https://doi.org/10.1007/s12045-021-1235-8