Market uncertainty and the importance of media coverage at earnings announcements
Market uncertainty and the importance of media coverage at earnings announcements
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DOI：
10.1016/j.jacceco.2019.101264
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发表时间：
2020-02-01
影响因子：
5.9
通讯作者：
Muller, Karl A., III
中科院分区：
文献类型：
--
作者：
Bonsall, Samuel B.;Green, Jeremiah;Muller, Karl A., III
我们调查是否增加投资者对财务信息的需求所产生的更高的市场不确定性，导致更多的媒体报道的盈利公告。我们还研究了在不确定性较高的时期，更大的覆盖范围是否会因为更大的基于注意力的交易而进一步破坏金融市场的稳定，或者通过降低投资者的获取和解释成本来改善交易和定价。当不确定性更高时，我们发现有证据表明，媒体对盈利公告的报道更多，报道越多，投资者的知情性、信息不对称性和期内价格及时性就越好，散户和机构投资者的交易也越多。相反，媒体服务的扩大作用，在改善资本市场在更不确定的时期，我们没有发现，在公司发起的披露的变化导致类似的改善，并发现，不太频繁的分析师预测修订加剧了资本市场的问题，在盈利公告。(C)2019爱思唯尔B.V.保留所有权利。
We investigate whether increased investor demand for financial information arising from higher market uncertainty leads to greater media coverage of earnings announcements. We also investigate whether greater coverage during times of higher uncertainty further destabilizes financial markets because of greater attention-based trading or, alternatively, improves trading and pricing by lowering investor acquisition and interpretation costs. When uncertainty is higher, we find evidence of greater media coverage of earnings announcements and that the greater coverage leads to improvements in investor informedness, information asymmetry, and intraperiod price timeliness, and greater trade by both retail and institutional investors. In contrast to the media serving an expanded role in improving capital markets during more uncertain times, we fail to find that changes in firm-initiated disclosures lead to similar improvements and find that less frequent analyst forecast revisions exacerbate problems in capital markets during earnings announcements. (C) 2019 Elsevier B.V. All rights reserved.