Intra-Industry Information Transfers and the Post-Earnings Announcement Drift

被引：18
|
作者：
Kovacs, Tunde [1 ]
机构：
[1] Univ Massachusetts Lowell, Lowell, MA 01854 USA
来源：
CONTEMPORARY ACCOUNTING RESEARCH | 2016年 / 33卷 / 04期
关键词：
STOCK-PRICES; UNEXPECTED EARNINGS; EMPIRICAL-ANALYSIS; FUTURE EARNINGS; FULLY REFLECT; INDUSTRY; FORECASTS; ANALYSTS; INVESTOR; MARKET;
D O I：
10.1111/1911-3846.12210
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study examines the role of intra-industry information transfers in the analyst forecast-based post-earnings announcement drift. I find that subsequent same-industry-peer earnings announcements influence a firm's post-earnings announcement drift if these subsequent announcements confirm the firm's initial earnings surprise and the firm's industry exhibits ex ante positive (common effect) intra-industry information transfers. The results suggest that underreaction to industry-specific information contributes to analyst forecast-based post-earnings announcement drift.
引用
收藏
页码：1549 / 1575
页数：27
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