Počet záznamů: 1
Intra-industry transfer of information inferred from trading volume
- 1.0532505 - NHÚ 2021 RIV CZ eng V - Výzkumná zpráva
Brushko, Iuliia - Ferris, S. P. - Hanousek, Jan - Trešl, Jiří
Intra-industry transfer of information inferred from trading volume.
Prague: CERGE-EI, 2020. 28 s. CERGE-EI Working Paper Series, 663. ISSN 1211-3298
Grant CEP: GA ČR(CZ) GA16-20451S
Institucionální podpora: RVO:67985998
Klíčová slova: intra-industry * earnings announcement * earnings surprise
Obor OECD: Finance
https://www.cerge-ei.cz/pdf/wp/Wp663.pdf
This study examines the responsiveness of trading volume to a firm’s earnings announcements. We find that the volume and earnings surprise information generated at the first earnings announcement within an industry help to explain the stock returns of the non-announcing firm. Specifically, it explains their equity performance at the time of the first industry announcement and then again after their own earnings announcement. These results provide novel insights into how earnings announcements contain both firm specific as well as industry information that is value relevant for investors.
Trvalý link: http://hdl.handle.net/11104/0310978
Počet záznamů: 1