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

页码：1549 / 1575

页数：27

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