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Effect of central transfers on municipalities' own revenue mobilization : do conflict and local revenue management matter?
Brun, Jean-François; Sanogo, Tiangboho - 2017
Persistent link: https://www.econbiz.de/10011848401
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From revenue to democracy?
Khan, Fahad Hassan - 2014
Persistent link: https://www.econbiz.de/10011343179
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Actively managed funds and earnings news : evidence from trade-level data
Lee, Charles M. C.; Zhu, Christina - 2018 - Current Draft: September 2018
We use trade-level data to examine the role of actively managed funds (AMFs) in earnings news dissemination. We find AMFs are drawn to, and participate disproportionately more in, earnings announcements (EAs) that include bundled managerial guidance. When the two pieces of news are directionally...
Persistent link: https://www.econbiz.de/10011980295
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Psychological barriers, expectational errors, and underreaction to news
Birru, Justin - 2014
This paper provides evidence that the 52-week high serves as a psychological barrier, inducing expectational errors and underreaction to news. Two clear predictions emerge and are confirmed in the data. First, nearness to a 52-week high induces expectational errors; evidence from earnings...
Persistent link: https://www.econbiz.de/10010353292
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Earnings autocorrelation and the post-earnings-announcement drift : experimental evidence
Fink, Josef; Palan, Stefan; Theissen, Erik - 2020
Post-earnings-announcement drift (PEAD) is one of the most solidly documented asset pricing anomalies. We use the controlled conditions of an experimental lab to investigate whether earnings autocorrelation is the driving cause of this anomaly. We observe PEAD in settings with uncorrelated and...
Persistent link: https://www.econbiz.de/10012309456
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Asset price effects of peer benchmarking : evidence from a natural experiment
Acharya, Sushant; Pedraza, Alvaro - 2015
We estimate the effects of peer benchmarking by institutional investors on asset prices. To identify trades purely due … to peer benchmarking as separate from those based on fundamentals or private information, we exploit a natural experiment … component of demand that is caused by peer benchmarking. We find that these peer effects generate excess stock return volatility …
Persistent link: https://www.econbiz.de/10010514042
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ETFs and information transfer across firms
Bhojraj, Sanjeev; Mohanram, Partha; Zhang, Suning - 2018
This paper examines the role that exchange-traded funds (ETFs) play in the transfer ofinformation across firms around earnings announcements. Our analysis focuses on the differencesin information transfer between broad-based and sector ETFs. We find that firms with sector ETFownership are...
Persistent link: https://www.econbiz.de/10012052382
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Information in mandatory and voluntary earnings announcement date forecasts
Barth, Mary E.; Clinch, Greg; Ma, Paul - 2018
We investigate whether mandatory earnings announcement date forecasts are informative to investors and the informational tradeoffs between mandatory and voluntary forecasts. We find: (i) The percentages of the quarter's earnings news conveyed by mandatory China and voluntary US forecasts are...
Persistent link: https://www.econbiz.de/10011980114
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Understanding the variation in the information content of earnings : a return decomposition analysis
Hou, Kewei; Zhang, Yinglei; Zhuang, Zili - 2015
earnings between profit firms and loss firms and over time. We show that current earnings surprises are more strongly …
Persistent link: https://www.econbiz.de/10010531876
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Increased information content of earnings announcements in the 21st century : an empirical investigation
Beaver, William H.; McNichols, Maureen; Wang, Zach Z. - 2018
We examine the role of concurrent information in the striking increase in investor response to earnings announcements from 2001 to 2016, as measured by return variability and volume following Beaver (1968). We find management guidance, analyst forecasts, and disaggregated financial statement...
Persistent link: https://www.econbiz.de/10011873121