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Investor and Analyst Reactions to Earnings Announcements of Related Firms: An Empirical Analysis

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Cited by:

  1. Gus De Franco & S.P. Kothari & Rodrigo S. Verdi, 2011. "The Benefits of Financial Statement Comparability," Journal of Accounting Research, Wiley Blackwell, vol. 49(4), pages 895-931, September.
  2. Zuriadah Ismail & Mohd Nazir Md Zabit & Mohamad Ali Roshidi Ahmad & Anuar Sarun & Sharul Effendy Janudin, 2017. "The Effect of Switching Business Focus on Share Returns Predictability," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 7(12), pages 25-38, December.
  3. Bin Wang & Wonseok Choi & Ibrahim Siraj, 2018. "Local investor attention and post-earnings announcement drift," Review of Quantitative Finance and Accounting, Springer, vol. 51(1), pages 219-252, July.
  4. Hu, Ting & Chi, Yanzhe, 2019. "Can short selling activity predict the future returns of non-shortable peer firms?," Pacific-Basin Finance Journal, Elsevier, vol. 53(C), pages 165-185.
  5. Rees, Lynn & Sharp, Nathan Y. & Wong, Paul A., 2017. "Working on the weekend: Do analysts strategically time the release of their recommendation revisions?," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 104-121.
  6. Lin, Hsien-Ping & Walker, M. Mark & Wang, Yung-Jang, 2020. "Shareholder wealth effects of corporate fraud: Evidence from Taiwan’s securities investor and futures trader protection act," International Review of Economics & Finance, Elsevier, vol. 65(C), pages 222-243.
  7. Allaudeen Hameed & Randall Morck & Jianfeng Shen & Bernard Yeung, 2015. "Information, Analysts, and Stock Return Comovement," The Review of Financial Studies, Society for Financial Studies, vol. 28(11), pages 3153-3187.
  8. Claire Y. C. Liang & Rengong Zhang, 2020. "Post-earnings announcement drift and parameter uncertainty: evidence from industry and market news," Review of Quantitative Finance and Accounting, Springer, vol. 55(2), pages 695-738, August.
  9. Mark Bagnoli & Stanley Levine & Susan G. Watts, 2005. "Analyst estimation revision clusters and corporate events, Part I," Annals of Finance, Springer, vol. 1(3), pages 245-265, August.
  10. Dichev, Ilia D. & Qian, Jingyi, 2022. "The benefits of transaction-level data: The case of NielsenIQ scanner data," Journal of Accounting and Economics, Elsevier, vol. 74(1).
  11. James S. Doran & Andy Fodor & Kevin Krieger, 2010. "Option Market Efficiency and Analyst Recommendations," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 37(5-6), pages 560-590.
  12. April Knill & Kristina Minnick & Ali Nejadmalayeri, 2012. "Experience, information asymmetry, and rational forecast bias," Review of Quantitative Finance and Accounting, Springer, vol. 39(2), pages 241-272, August.
  13. Victor DeMiguel & Francisco J. Nogales & Raman Uppal, 2014. "Stock Return Serial Dependence and Out-of-Sample Portfolio Performance," The Review of Financial Studies, Society for Financial Studies, vol. 27(4), pages 1031-1073.
  14. Saim Kashmiri & Cameron Duncan Nicol & Liwu Hsu, 2017. "Birds of a feather: intra-industry spillover of the Target customer data breach and the shielding role of IT, marketing, and CSR," Journal of the Academy of Marketing Science, Springer, vol. 45(2), pages 208-228, March.
  15. Katsiaryna Salavei Bardos & Brandon N. Cline & Gregory Koutmos, 2020. "Risk dynamics around restatement announcements," Review of Quantitative Finance and Accounting, Springer, vol. 54(4), pages 1279-1313, May.
  16. Dong, Yashu & Young, Danqing, 2021. "Foreign macroeconomic and industry-related information transfers around earnings announcements: Evidence from U.S.-listed non-U.S. firms," Journal of Accounting and Economics, Elsevier, vol. 71(2).
  17. Guanming He & Yun Sun & April Zhichao Li, 2024. "Does analysts’ industrial concentration affect the quality of their forecasts?," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 38(1), pages 37-91, March.
  18. Stefano Bonini & Diana Boraschi, 2010. "Corporate Scandals and Capital Structure," Journal of Business Ethics, Springer, vol. 95(2), pages 241-269, September.
  19. Zhu, Hui, 2014. "Implications of limited investor attention to customer–supplier information transfers," The Quarterly Review of Economics and Finance, Elsevier, vol. 54(3), pages 405-416.
  20. Feng, Xunan & Hu, Na & Johansson, Anders C., 2016. "Ownership, analyst coverage, and stock synchronicity in China," International Review of Financial Analysis, Elsevier, vol. 45(C), pages 79-96.
  21. Francois Brochet & Kalin Kolev & Alina Lerman, 2018. "Information transfer and conference calls," Review of Accounting Studies, Springer, vol. 23(3), pages 907-957, September.
  22. Cox, Raymond A.K. & Dayanandan, Ajit & Donker, Han, 2016. "The Ricochet Effect of Bad News," The International Journal of Accounting, Elsevier, vol. 51(3), pages 385-401.
  23. Zuriadah Ismail & Rohaila Yusof & Hazianti Abdul Halim & Anis Suriati Ahmad, 2019. "Stock Returns Volatility around Sector Redefinitions: An Event Case Study of Malaysia Listed Companies," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 9(3), pages 300-304, July.
  24. Ole-Kristian Hope & Wuyang Zhao, 2018. "Market reactions to the closest peer firm’s analyst revisions," Accounting and Business Research, Taylor & Francis Journals, vol. 48(4), pages 345-372, June.
  25. Liu, Bin & Xiao, Wen & Zhu, Xingting, 2023. "How does inter-industry spillover improve the performance of volatility forecasting?," The North American Journal of Economics and Finance, Elsevier, vol. 65(C).
  26. Kumar, Alok & Rantala, Ville & Xu, Rosy, 2022. "Social learning and analyst behavior," Journal of Financial Economics, Elsevier, vol. 143(1), pages 434-461.
  27. Qiu, Jiayue & Wu, Hai & Zhang, Lijuan, 2021. "In name only: Information spillovers among Chinese firms with similar stock names during earnings announcements," Journal of Corporate Finance, Elsevier, vol. 69(C).
  28. Xie, Lingmin & Chen, Zhian & Li, Donghui & Tan, Hongping, 2022. "Foreign analysts and managerial investment learning from stock markets," Journal of Multinational Financial Management, Elsevier, vol. 64(C).
  29. Bolton, Brian & Lian, Qin & Rupley, Kathleen & Zhao, Jing, 2016. "Industry contagion effects of internal control material weakness disclosures," Advances in accounting, Elsevier, vol. 34(C), pages 27-40.
  30. James S. Doran & Andy Fodor & Kevin Krieger, 2010. "Option Market Efficiency and Analyst Recommendations," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 37(5‐6), pages 560-590, June.
  31. repec:hum:wpaper:sfb649dp2005-062 is not listed on IDEAS
  32. Rebecca N. Hann & Heedong Kim & Yue Zheng, 2019. "Intra-industry information transfers: evidence from changes in implied volatility around earnings announcements," Review of Accounting Studies, Springer, vol. 24(3), pages 927-971, September.
  33. Hsiu-Lang Chen, 2018. "Information diffusion of upstream and downstream industry-wide earnings surprises and its implications," Review of Quantitative Finance and Accounting, Springer, vol. 51(3), pages 751-784, October.
  34. Stolowy, Hervé & Paugam, Luc & Gendron, Yves, 2022. "Competing for narrative authority in capital markets: Activist short sellers vs. financial analysts," Accounting, Organizations and Society, Elsevier, vol. 100(C).
  35. Paulo Alves & Peter Pope & Steven Young, 2009. "Cross‐border information transfers: Evidence from profit warnings issued by European firms," Accounting and Business Research, Taylor & Francis Journals, vol. 39(5), pages 449-472.
  36. John Eshleman & Peng Guo, 2014. "The market’s use of supplier earnings information to value customers," Review of Quantitative Finance and Accounting, Springer, vol. 43(2), pages 405-422, August.
  37. Yi Jiang & Yiming Qian & Tong Yao, 2016. "R&D Spillover and Predictable Returns," Review of Finance, European Finance Association, vol. 20(5), pages 1769-1797.
  38. Bergsma, Kelley & Tayal, Jitendra, 2020. "Quarterly earnings announcements and intra-industry information transfer from the Pacific to the Atlantic," International Review of Financial Analysis, Elsevier, vol. 70(C).
  39. Weiner, Christian, 2005. "The impact of industry classification schemes on financial research," SFB 649 Discussion Papers 2005-062, Humboldt University Berlin, Collaborative Research Center 649: Economic Risk.
  40. Blankespoor, Elizabeth & deHaan, Ed & Marinovic, Iván, 2020. "Disclosure processing costs, investors’ information choice, and equity market outcomes: A review," Journal of Accounting and Economics, Elsevier, vol. 70(2).
  41. Jacob Thomas & Frank Zhang, 2008. "Overreaction to Intra‐industry Information Transfers?," Journal of Accounting Research, Wiley Blackwell, vol. 46(4), pages 909-940, September.
  42. Chung, Dennis Y. & Hrazdil, Karel & Trottier, Kim, 2015. "On the efficiency of intra-industry information transfers: The dilution of the overreaction anomaly," Journal of Banking & Finance, Elsevier, vol. 60(C), pages 153-167.
  43. Liu, Baohua & Huang, Dan & Chen, Tao & Chan, Kam C., 2023. "Mandatory R&D disclosure and analyst forecast Accuracy: Evidence from an emerging market," Journal of Contemporary Accounting and Economics, Elsevier, vol. 19(3).
  44. Kenton K. Yee, 2006. "Earnings Quality and the Equity Risk Premium: A Benchmark Model," Contemporary Accounting Research, John Wiley & Sons, vol. 23(3), pages 833-877, September.
  45. Honghui Chen & David M. Harrison & Mahsa Khoshnoud, 2020. "Investors’ Limited Attention: Evidence from REITs," The Journal of Real Estate Finance and Economics, Springer, vol. 61(3), pages 408-442, October.
  46. Clare Wang, 2014. "Accounting Standards Harmonization and Financial Statement Comparability: Evidence from Transnational Information Transfer," Journal of Accounting Research, Wiley Blackwell, vol. 52(4), pages 955-992, September.
  47. Michael S. Drake & Jared Jennings & Darren T. Roulstone & Jacob R. Thornock, 2017. "The Comovement of Investor Attention," Management Science, INFORMS, vol. 63(9), pages 2847-2867, September.
  48. Ramnath, Sundaresh & Rock, Steve & Shane, Philip, 2008. "The financial analyst forecasting literature: A taxonomy with suggestions for further research," International Journal of Forecasting, Elsevier, vol. 24(1), pages 34-75.
  49. Amy P. Hutton & Lian Fen Lee & Susan Z. Shu, 2012. "Do Managers Always Know Better? The Relative Accuracy of Management and Analyst Forecasts," Journal of Accounting Research, Wiley Blackwell, vol. 50(5), pages 1217-1244, December.
  50. Richard A. Schneible Jr & Neil Fargher, 2016. "Information transfer and firm-level strategy," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 56(4), pages 1119-1148, December.
  51. Baker, H. Kent & Ni, Yang & Saadi, Samir & Zhu, Hui, 2019. "Competitive earnings news and post-earnings announcement drift," International Review of Financial Analysis, Elsevier, vol. 63(C), pages 331-343.
  52. Ni, Juan & Jin, Shuchang & Hu, Yi & Zhang, Lei, 2023. "Informative or distracting: CSR disclosure of peer firms and analyst forecast accuracy," International Review of Financial Analysis, Elsevier, vol. 87(C).
  53. Lee, Charles M.C. & Ma, Paul & Wang, Charles C.Y., 2015. "Search-based peer firms: Aggregating investor perceptions through internet co-searches," Journal of Financial Economics, Elsevier, vol. 116(2), pages 410-431.
  54. Beuselinck, C.A.C. & Joos, P.P.M. & Khurana, I.K. & van der Meulen, S., 2010. "Mandatory IFRS Reporting and Stock Price Informativeness," Other publications TiSEM ef72d273-639c-41d8-9c5c-5, Tilburg University, School of Economics and Management.
  55. Mudalige, Priyantha & Duong, Huu Nhan & Kalev, Petko S. & Gupta, Kartick, 2020. "Who trades in competing firms around earnings announcements," Pacific-Basin Finance Journal, Elsevier, vol. 59(C).
  56. Hui, Kai Wai & Nelson, Karen K. & Yeung, P. Eric, 2016. "On the persistence and pricing of industry-wide and firm-specific earnings, cash flows, and accruals," Journal of Accounting and Economics, Elsevier, vol. 61(1), pages 185-202.
  57. Eti Einhorn & Nisan Langberg & Tsahi Versano, 2018. "Cross‐Firm Real Earnings Management," Journal of Accounting Research, Wiley Blackwell, vol. 56(3), pages 883-911, June.
  58. Liu, Beibei & Tan, Keqi & Wong, Sonia M.L. & Yip, Rita W.Y., 2022. "Intra-industry information transfer in emerging markets: Evidence from China," Journal of Banking & Finance, Elsevier, vol. 140(C).
  59. Lee, Bryan Byung-Hee & Lee, Jay Junghun, 2024. "Financial statement comparability and analysts’ optimism for accruals," The British Accounting Review, Elsevier, vol. 56(3).
  60. Christensen, Dane M. & Jin, Hengda & Lee, Joshua A. & Sridharan, Suhas A. & Wellman, Laura A., 2023. "Corporate political activism and information transfers," Working Papers 334, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
  61. Linda H. Chen & Wei Huang & George J. Jiang & Kevin X. Zhu, 2022. "Why do investors discount earnings announced late?," Review of Quantitative Finance and Accounting, Springer, vol. 58(3), pages 977-1014, April.
  62. Jonathan Ross & David Ziebart & Anthony Meder, 2019. "A new measure of firm-group accounting closeness," Review of Quantitative Finance and Accounting, Springer, vol. 52(4), pages 1137-1161, May.
  63. Chen, Jason V., 2023. "The wisdom of crowds and the market's response to earnings news: Evidence using the geographic dispersion of investors," Journal of Accounting and Economics, Elsevier, vol. 75(2).
  64. Lin, Mei-Chen & Wu, Chu-Hua & Chiang, Ming-Ti, 2014. "Investor attention and information diffusion from analyst coverage," International Review of Financial Analysis, Elsevier, vol. 34(C), pages 235-246.
  65. S. P. Kothari & Charles Wasley, 2019. "Commemorating the 50‐Year Anniversary of Ball and Brown (1968): The Evolution of Capital Market Research over the Past 50 Years," Journal of Accounting Research, Wiley Blackwell, vol. 57(5), pages 1117-1159, December.
  66. Husayn Shahrur & Anand Venkateswaran, 2009. "Industry Prospects And Acquirer Returns In Diversifying Takeovers," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 32(1), pages 23-51, March.
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