دانلود رایگان مقاله انگلیسی اطلاعیه های درآمد، توجه سرمایه گذاران و حق بیمه اعلام درآمد - الزویر 2018

عنوان فارسی
اطلاعیه های درآمد، توجه سرمایه گذاران و حق بیمه اعلام درآمد
عنوان انگلیسی
Earnings Notifications, Investor Attention, and the Earnings Announcement Premium
صفحات مقاله فارسی
0
صفحات مقاله انگلیسی
49
سال انتشار
2018
نشریه
الزویر - Elsevier
فرمت مقاله انگلیسی
PDF
نوع مقاله
ISI
نوع نگارش
مقالات پژوهشی (تحقیقاتی)
رفرنس
دارد
پایگاه
اسکوپوس
کد محصول
E9008
رشته های مرتبط با این مقاله
مدیریت و اقتصاد
گرایش های مرتبط با این مقاله
اقتصاد مالی و مدیریت مالی
مجله
مجله حسابداری و اقتصاد - Journal of Accounting and Economics
دانشگاه
Washington University in St. Louis - Olin Business School - One Brookings Drive - Simon Hall - United States
کلمات کلیدی
توجه سرمایه گذار، حق بیمه اعلام درآمد، اعلان های سود
doi یا شناسه دیجیتال
https://doi.org/10.1016/j.jacceco.2018.05.002
۰.۰ (بدون امتیاز)
امتیاز دهید
چکیده

Abstract


This paper provides new evidence that investor attention explains positive returns around earnings announcements and reconciles the attention explanation with information-based explanations in the literature. I use earnings notifications, which are attention-grabbing announcements of the upcoming earnings date but otherwise provide little new information. I find positive returns, more EDGAR searches, and higher trading volumes on notification days. I also find that attention and returns around the earnings announcement are lower in the presence of notifications, consistent with notifications attenuating investor attention. I show that attention has its strongest effect on returns in the days immediately following the earnings announcement.

نتیجه گیری

5 Conclusion


I revisit the causes of positive returns around earnings announcements. While the literature provides evidence in support of both attention and information-based explanations, recent work focuses on the latter, raises questions about the former, and does little to reconcile the two. I provide evidence that attention explains a significant proportion of positive returns around earnings announcements using a setting that more cleanly distinguishes the effect of attention from that of new information.


I use earnings notifications, which are short announcements of the date and time of the upcoming earnings announcement and attract investor attention without providing much new information. I find positive returns, abnormal trading volumes, and abnormal EDGAR searches on earnings notification days, consistent with an attention effect. I also find a significant reduction in the level of positive returns around the earnings announcement in the presence of earnings notifications, suggesting that notifications attenuate investor attention to the earnings announcement. My results suggest the attention explanation dominates the information explanations after the earnings announcement but is dominated by the information explanations beforehand. This is consistent with attention increasing the EAP, in part, by mitigating the well-documented pattern of return reversals following the earnings announcement.


بدون دیدگاه