Macro news and micro news: Complements or substitutes?
نویسندگان
چکیده
We study how the arrival of macro-news affects stock market's ability to incorporate information in firm-level earnings announcements. Existing theories suggest that macro and news are attention substitutes; announcements crowd out attention, causing less efficient processing find opposite: sensitivity announcement returns is 17% stronger, post-earnings drift 71% weaker, on days. This suggests a complementary relationship between micro consistent with either investor or transmission channels.
منابع مشابه
News Media Channels: Complements or Substitutes? Evidence from Mobile Phone Usage
Media outlets have undergone a fundamental shift over the last decade as new distribution channels proliferate in an unprecedented manner. Although mobile devices in particular have been experienced rapid adoption among consumers, its broader implication is yet to be understood. In this research, we examine consumer’s news consumption behaviors via mobile news web sites in response to the intro...
متن کاملSubgoals as Substitutes or Complements 1 Subgoals as Substitutes or Complements : the Role of Goal Accessibility
The self-regulation process often involves breaking an ongoing goal (e.g., keeping in shape) into many individual, constituent subgoals that monitor actual actions (e.g., eating healthy meals, going to the gym). The current article examines how pursuing each of these subgoals may influence subsequent goal pursuit. We show that when people consider success on a single subgoal, additional actions...
متن کاملInformation-gathering and Producing: Complements or Substitutes?
We aim at some simple theoretical underpinnings for a complex empirical question studied by labor economists and others: does Information-technology improvement lead to occupational shifts — toward “information workers” and away from other occupations — and to changes in the productivity of non-information workers? In our simple model there is a Producer, whose payoff depends on a production qu...
متن کاملInformation Technology and Inventories: Substitutes or Complements?
Is information technology (IT) a substitute or complement for inventories? This study answers this question by understanding substitution and complementarity of IT and inventories insofar as they impact profitability of a firm. We use data on IT expenditures and inventories of U.S firms and find support for the substitution between IT and overall inventories. Because overall inventories compris...
متن کاملSubstitutes or Complements ? Alcohol , Cannabis and Tobacco
This paper estimates the price responsiveness of cannabis, alcohol and cigarette use. Individual level data from four waves of the National Drug Strategy Household Survey are merged with previously unavailable state level data on cannabis prices, and ABS alcohol and tobacco price indices. In addition to own price effects, we estimate cross price effects and the impact of differing legal regimes...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Financial Economics
سال: 2022
ISSN: ['1879-2774', '0304-405X']
DOI: https://doi.org/10.1016/j.jfineco.2021.09.012