Kovacs, Tunde2014-03-142014-03-142006-04-12etd-04202006-172121http://hdl.handle.net/10919/27057I 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.In CopyrightPost-earnings driftProduct market relationsIntra-industry information transferInformation assimilationDissertationhttp://scholar.lib.vt.edu/theses/available/etd-04202006-172121/