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Does Financial Statement Comparability Mitigate Delayed Trading Volume Before Earnings Announcements?
Kim, Junwoo - 2019
This paper examines the role of financial statement comparability in shaping trading volume prior to earnings announcements. We find that the degree of delayed trading volume prior to earnings announcements is less pronounced for firms with more comparable financial statements. In addition, the...
Persistent link: https://www.econbiz.de/10012862927
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Credibility Signals from Soft Information : Evidence from Investor Reactions to Tone in Earnings Conference Calls
Hennig, Jan; Firk, Sebastian; Wolff, Michael - 2023
Research assigns significant share price relevance to linguistic tone in earnings conference calls. Tone is, however, only one facet in the mosaic of the soft information that is disseminated in the interactive conference call setting. We argue that investors exploit further aspects of this soft...
Persistent link: https://www.econbiz.de/10014352819
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Information Content of Directors’ Trading Around Acquisition
Shams, Syed - 2016
This paper investigates the patterns of directors' trades and returns around takeover announcements. We find that the …
Persistent link: https://www.econbiz.de/10013005344
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How are Shorts Informed? Short Sellers, News, and Information Processing
Engelberg, Joseph - 2012
We find that a substantial portion of short sellers' trading advantage comes from their ability to analyze publicly available information. Using a database of short sales combined with a database of news releases, we show that the well-documented negative relation between short sales and future...
Persistent link: https://www.econbiz.de/10013116310
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How are Shorts Informed? Short Sellers, News, and Information Processing
Engelberg, Joseph - 2012
We find that a substantial portion of short sellers' trading advantage comes from their ability to analyze publicly available information. Using a database of short sales combined with a database of news releases, we show that the well-documented negative relation between short sales and future...
Persistent link: https://www.econbiz.de/10013116480
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How are Shorts Informed? Short Sellers, News, and Information Processing
Engelberg, Joseph - 2012
We find that a substantial portion of short sellers' trading advantage comes from their ability to analyze publicly available information. Using a database of short sales combined with a database of news releases, we show that the well-documented negative relation between short sales and future...
Persistent link: https://www.econbiz.de/10013099621
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Trading on Fluffy News : The Effect of Information Tangibility on Short Sellers’ Behavior
von Beschwitz, Bastian - 2013
We investigate how short sellers strategically exploit the liquidity generated by the arrival of ambiguous information – i.e. information likely to cause disagreement in interpretation. Using a sample of newspaper articles, media newswires, and press releases, we construct a measure of...
Persistent link: https://www.econbiz.de/10013091357
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The Information Content of Target Price Forecasts : Evidence from Mergers and Acquisitions
Ho, Tuan Quoc; Brownen‐Trinh, Ruby; Xu, Fangming - 2021
more likely to become a takeover target and offer premium and acquirers’ announcement returns are positively associated …’ takeover likelihood generates economically significant returns. Our results are robust to a battery of additional analysis, and … useful for participants in the corporate takeover markets …
Persistent link: https://www.econbiz.de/10013237497
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Investors’ Misweighting of Firm-level Information and the Market’s Expectations of Earnings
Keskek, Sami - 2019
Prior studies use fundamental earnings forecasts to proxy for the market's expectations of earnings because analyst forecasts are biased and are available for only a subset of firms. We find that as a proxy for market expectations, fundamental forecasts contain systematic measurement errors...
Persistent link: https://www.econbiz.de/10012904816
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Investors’ Misweighting of Firm-level Information and the Market’s Expectations of Earnings
Keskek, Sami - 2019
Prior studies use fundamental earnings forecasts to proxy for the market's expectations of earnings because analyst forecasts are biased and are available for only a subset of firms. We find that as a proxy for market expectations, fundamental forecasts contain systematic measurement errors...
Persistent link: https://www.econbiz.de/10012858747