On the relationship between analyst reports and corporate disclosures: Exploring the roles of information discovery and interpretation

被引:102
作者
Chen, Xia [2 ]
Cheng, Qiang [2 ]
Lo, Kin [1 ]
机构
[1] Univ British Columbia, Sauder Sch Business, Accounting Div, Vancouver, BC V6T 1Z2, Canada
[2] Univ Wisconsin, Wisconsin Sch Business, Madison, WI 53706 USA
关键词
Analyst research; Information content; Earnings announcements; Information discovery; EARNINGS ANNOUNCEMENTS; PREDISCLOSURE INFORMATION; INSTITUTIONAL OWNERSHIP; FUTURE EARNINGS; MARKET; VARIANCE;
D O I
10.1016/j.jacceco.2009.12.004
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
We examine the relationship between analyst research and corporate earnings announcements to explore the relative importance of information discovery versus interpretation of previously released information. Using equity market reaction to capture information content, we find that information discovery (interpretation) dominates in the week before (after) firms announce their earnings. In addition, we find that the interpretation role increases in importance with the difficulty of financial accounting information. Analysis of all weeks surrounding earnings announcements shows that the information discovery role is overall more important. We are able to reconcile this result with the opposite finding in Francis et al. (2002). Crown Copyright (C) 2009 Published by Elsevier B.V. All rights reserved.
引用
收藏
页码:206 / 226
页数:21
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