Curbing Enthusiasm: Media Sentiment and the Disciplining Role of Quarterly Earnings Announcements

被引：0
|
作者：
Holzman, Eric R. [1 ]
Miller, Brian P. [1 ]
Twedt, Brady J. [2 ]
机构：
[1] Indiana Univ Bloomington, Kelley Sch Business, Dept Accounting, Bloomington, IN 47405 USA
[2] Texas A&M Univ, Mays Business Sch, James Benjamin Dept Accounting, College Stn, TX USA
来源：
ACCOUNTING REVIEW | 2023年 / 98卷 / 07期
关键词：
media sentiment; earnings announcements; mispricing; SHORT-SELLERS; INFORMATION-CONTENT; BUSINESS PRESS; MANAGEMENT; VOLUNTARY; INVESTORS; COVERAGE; RISK; VOLATILITY; FORECASTS;
D O I：
10.2308/TAR-2020-0104
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
A longstanding literature suggests that earnings provide the market with relevant information about firm performance, but one often overlooked benefit is their role in disciplining market expectations. This study examines the role of earnings announcements in constraining potential mispricing associated with firm-specific media sentiment. We show that media sentiment-driven quarterly returns (orthogonal to risk factors and fundamental news) largely reverse when public earnings are released. Our results suggest that quarterly earnings announcements play an important role in reducing media sentiment-related mispricing.
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页码：315 / 345
页数：31
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