Media heterogeneity and post-earnings announcement drift: evidence from China

被引：6
|
作者：
Guo, Ye [1 ]
Huang, Mengqi [1 ]
机构：
[1] Xiamen Univ, Sch Econ, Dept Finance, Xiamen, Fujian, Peoples R China
来源：
ACCOUNTING AND FINANCE | 2019年 / 59卷 / 05期
基金：
中国国家自然科学基金;
关键词：
Media heterogeneity; Market-oriented media; Post-earnings announcement drift (PEAD); State-controlled media; STOCK-PRICES; SAMPLE SELECTION; CROSS-SECTION; INFORMATION; TRUST; CONSERVATISM; INVESTORS; RETURNS; NAIVE; POWER;
D O I：
10.1111/acfi.12570
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper examines how the Chinese stock market acts differently towards state-controlled and market-oriented media coverage. Using a setting of post-earnings announcement drift, we find that information from state-controlled media enters the stock price in a timelier manner, while the message from market-oriented media needs more time to get a response from investors. The effect is also influenced by whether the type of news coverage is good or bad. Our findings suggest that the capital market underreacts when good news is reported by the market-oriented media.
引用
收藏
页码：3223 / 3252
页数：30
相关论文
共 50 条
  • [1] Post-earnings announcement drift: Evidence from Turkey
    Ahlatcioglu, Aykut
    Okay, Nesrin
    [J]. BORSA ISTANBUL REVIEW, 2021, 21 (01) : 92 - 103
  • [2] Post-earnings announcement drift: Spanish evidence
    Forner, Carlos
    Sanabria, Sonia
    Marhuenda, Joaquin
    [J]. SPANISH ECONOMIC REVIEW, 2009, 11 (03) : 207 - 241
  • [3] The role of institutional investors in post-earnings announcement drift: evidence from China
    Cai, Guilong
    Lin, Bingxuan
    Wei, Minghai
    Xu, Xiaowei
    [J]. ACCOUNTING AND BUSINESS RESEARCH, 2021, 51 (02) : 206 - 236
  • [4] Social media coverage and post-earnings announcement drift: evidence from seeking alpha
    Ding, Rong
    Shi, Yukun
    Zhou, Hang
    [J]. EUROPEAN JOURNAL OF FINANCE, 2023, 29 (02): : 207 - 227
  • [5] Earnings Management and the Post-earnings Announcement Drift
    Louis, Henock
    Sun, Amy X.
    [J]. FINANCIAL MANAGEMENT, 2011, 40 (03) : 591 - 621
  • [6] Post-Earnings Announcement Drift in Greece
    Forbes, William
    Giannopoulos, George
    [J]. REVIEW OF PACIFIC BASIN FINANCIAL MARKETS AND POLICIES, 2015, 18 (03)
  • [7] Jump on the Post-Earnings Announcement Drift
    Zhou, Haigang
    Zhu, John Qi
    [J]. FINANCIAL ANALYSTS JOURNAL, 2012, 68 (03) : 63 - 80
  • [8] Inflation, earnings forecasts, and post-earnings announcement drift
    Sudipta Basu
    Stanimir Markov
    Lakshmanan Shivakumar
    [J]. Review of Accounting Studies, 2010, 15 : 403 - 440
  • [9] Competitive earnings news and post-earnings announcement drift
    Baker, H. Kent
    Ni, Yang
    Saadi, Samir
    Zhu, Hui
    [J]. INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2019, 63 : 331 - 343
  • [10] Inflation, earnings forecasts, and post-earnings announcement drift
    Basu, Sudipta
    Markov, Stanimir
    Shivakumar, Lakshmanan
    [J]. REVIEW OF ACCOUNTING STUDIES, 2010, 15 (02) : 403 - 440
12345