Intra-industry information transfers: Evidence from earnings announcements
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-earnin...
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| Format: | Others |
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Virginia Tech
2014
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| Online Access: | http://hdl.handle.net/10919/27057 http://scholar.lib.vt.edu/theses/available/etd-04202006-172121/ |
| Summary: | 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. === Ph. D. |
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