Purpose: This study explores the association between individual investor information demand and two measures of market uncertainty – aggregate market uncertainty and disaggregate industry-specific market uncertainty. It extends the literature by being the first to empirically examine investor...

The purpose of this paper is to examine whether institutional investors: 1) anticipate a distressed firm's receipt of a first-time going concern modified audit opinion, and 2) react to a first-time going concern modified opinion by engaging in abnormal net selling of firm shares. Using a...

Purpose: This analysis is the first to explore the overall roles of the offsetting attraction and distraction influences of earnings news in shaping the level of attention given to the equity market by market participants. Design/methodology/approach: We use multivariate regression approach and...

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...