The Effects of Uncertainty on the Informativeness of Earnings: Evidence from the Insurance Industry in the Wake of Catastrophic Events
The Effects of Uncertainty on the Informativeness of Earnings: Evidence from the Insurance Industry in the Wake of Catastrophic Events
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不确定性对收益信息性的影响：灾难性事件发生后保险业的证据
DOI：
10.2139/ssrn.146234
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发表时间：
2001
期刊：
影响因子：
--
通讯作者：
Theodore E. Christensen
中科院分区：
文献类型：
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作者：
Theodore E. Christensen
这项研究考察了与大规模灾难相关的不确定性对财产和意外伤害保险公司收益公告的信息性的影响。它通过区分：(1)由于外部事件模糊了公司的未来前景而导致的不确定性，以及(2)由于收益中的噪声而导致的不确定性，从而有助于研究不确定性对收益公告的信息性的影响。结果表明，与巨灾损失敞口相关的高度不确定性与市场对收益报告的反应显著正相关，即使在控制了收益噪声造成的不确定性之后也是如此。这意味着，在高度不确定的时期，投资者发现收益信息在评估公司的未来前景时更有用。版权所有布莱克韦尔出版有限公司2002年。
This study examines the effects of uncertainty associated with large-scale catastrophes on the informativeness of earnings announcements by property and casualty insurers. It contributes to the literature on the effects of uncertainty on the informativeness of earnings announcements by distinguishing between: (1) uncertainty due to exogenous events that obscure the firm's future prospects, and (2) uncertainty due to noise in earnings. Results suggest that heightened uncertainty associated with exposure to catastrophe losses is significantly positively associated with the market's response to earnings reports, even after controlling for uncertainty due to noise in earnings. This implies that during periods of high uncertainty, investors find earnings information more useful in assessing the future prospects of the firm. Copyright Blackwell Publishers Ltd 2002.