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    Intra-industry information transfers: Evidence from earnings announcements

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    Downloads: 270
    Date
    2006-04-12
    Author
    Kovacs, Tunde
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    Abstract
    I examine the role of product market relations in information assimilation surrounding corporate earnings announcements. I provide evidence that intra-industry information transfers measured by industry rival earnings announcements account for a substantial portion of the well documented post-earnings announcement drift. While this evidence appears to be most consistent with rational structural uncertainty [Brav and Heaton (2002)] one cannot rule out the possibility of behavioral biases.
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    http://hdl.handle.net/10919/27057
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    • Doctoral Dissertations [14916]

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