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Voluntary Disclosure to Influence Investor Reactions to Merger Announcements : An Examination of Conference Calls
Kimbrough, Michael D. - 2011
We find that bidders are more likely to hold conference calls at merger announcements when the mergers are financed … associated with more favorable market reactions to merger announcements. A content analysis of merger-related information … conference calls are positively associated with pre-merger announcement abnormal accruals. Overall, the results suggest that …
Persistent link: https://www.econbiz.de/10013133302
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Processing Fluency and Investors’ Reactions to Disclosure Readability
Rennekamp, Kristina M. - 2012
The SEC's emphasis on the use of plain English is designed to make disclosures more readable and more informative. Using an experiment, I find that more readable disclosures lead to stronger reactions from small investors, so that changes in valuation judgments are more positive when news is...
Persistent link: https://www.econbiz.de/10013114453
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Managers’ Green Investment Disclosures and Investors’ Reaction
Martin, Patrick - 2014
Most large companies voluntarily disclose information about their corporate social responsibility (CSR) activities. We use experimental markets to examine how managers' disclosures of a particular type of CSR, green investment, affect investors' bidding behavior. We find that, although in our...
Persistent link: https://www.econbiz.de/10013067547
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Disclosure of Financial Statement Line Items and Insider Trading Around Earnings Announcements
Roh, Yongoh - 2020
This paper examines the relation between voluntary disclosure of financial statement line items accompanying, and insider trading around, quarterly earnings announcements. We find that investors' reaction to positive earnings news is temporarily heightened by financial statement line items...
Persistent link: https://www.econbiz.de/10012849645
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Disclosures About Key Value Drivers in M&A Announcement Press Releases : An Exploratory Study
Filip, Andrei; Lobo, Gerald J.; Paugam, Luc; Stolowy, Hervé - 2021
We investigate the association between disclosures about key value drivers (i.e., growth, synergies, human capital, brands, customers and technology) in press releases announcing mergers and acquisitions (M&A) deals and acquirer stock returns upon the announcement. We find that, after...
Persistent link: https://www.econbiz.de/10013245476
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Mistaking Bad News for Good News : Mispricing of a Voluntary Disclosure
Rim, Hyun Jung; Zha Giedt, Jenny - 2023
Why does the market react to companies’ announcements of strategic alternatives with a +5.2 percent return, only to experience a future return of -9.7 percent? We find evidence consistent with a mispricing explanation in that: (i) investors and analysts are overly optimistic about a potential...
Persistent link: https://www.econbiz.de/10014258316
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When Firms Talk, Do Investors Listen? The Role of Trust in Stock Market Reactions to Corporate Earnings Announcements
Pevzner, Mikhail - 2015
We examine whether the level of trust in a country affects investors' perception and utilization of information transmitted by firms through financial disclosure. Specifically, we investigate the effect of societal trust on investor reactions to corporate earnings announcements. We test two...
Persistent link: https://www.econbiz.de/10013036509
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Retail Investor Trading and Market Reactions to Earnings Announcements
Friedman, Henry L.; Zeng, Zitong - 2021
This paper uses holdings and outage data from Robinhood and transaction-level data from U.S. exchanges to examine how retail investors affect the pricing of public earnings information. We find that retail trader activity is associated with prices that are more responsive to earnings surprises,...
Persistent link: https://www.econbiz.de/10013234571
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Investor Reactions to PCAOB Inspection Reports
Offermanns, Mona - 2011
This study examines whether PCAOB inspection reports succeed in providing a meaningful signal of audit quality. We find a statistically and economically significant market response to the issuances of 224 first-round and 134 second-round inspection reports between January 2005 and March 2010,...
Persistent link: https://www.econbiz.de/10013127222
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The Effect of Voluntary Disclosure on Firm Risk and Firm Value : Evidence from Management Earnings Forecasts
Foerster, Stephen R. - 2013
This study investigates whether the voluntary disclosure of management earnings forecasts influences investors' assessment of firm risk and firm value. We find a significant negative relationship between the issuance of management earnings forecasts and a variety of measures of firm risk...
Persistent link: https://www.econbiz.de/10013088706