EARNINGS SIGNALS AND INTER‐FIRM INFORMATION TRANSFERS
EARNINGS SIGNALS AND INTER‐FIRM INFORMATION TRANSFERS
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盈利信号和公司间信息传输
DOI：
10.1111/j.1468-5957.1994.tb00368.x
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发表时间：
1994
影响因子：
2.9
通讯作者：
James W. Bannister
中科院分区：
文献类型：
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作者：
James W. Bannister
研究了盈余公告日公司间信息转移的三个潜在决定因素。它们是：（1）公告公司与非公告公司信息信号的相关性，（2）公告公司信息中包含的信息，（3）非公告公司公告前的不确定性水平。这些决定因素通过（1）超越标准的行业定义和（2）包括与市场对即将到来的非公告者信号的预期相关的不确定性的测量，扩大了信息传递研究的范围。结果表明，这三个决定因素共同与非公告公司的回报运动。
Three potential determinants of inter-firm information transfer at earnings announcement dates are examined. They are: (1) the correlation of the announcing and nonannouncing firms’ information signals, (2) the information contained in the announcing firm's signal, and (3) the pre-announcement level of uncertainty for the nonannouncing firm. These determinants expand the scope of information transfer studies by (1) moving beyond standard industry definitions and (2) including a measure of the uncertainty related to the market's expectation for the forthcoming signal of the nonannouncer. The results suggest that these three determinants are jointly associated with the return movement of the nonannouncing firms.