This study examined the relation between the volume of earnings disclosures by firms and aggregate stock market trading activity. Although the relation between the trading activity experienced by disclosing firms and announcement volume is negative, consistent with the firm level evidence of...

This study examines the relation between both number and news content of earnings disclosures by firms and aggregate stock market trading activity. Consistent with the Hirshleifer, Lim, and Teoh (2009a) distraction hypothesis, among announcing firms the number of contemporaneous announcers...