کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5086961 1375287 2009 18 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The effect of earnings surprises on information asymmetry
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
The effect of earnings surprises on information asymmetry
چکیده انگلیسی
We examine the effect of earnings surprises on changes in information asymmetry. We hypothesize and find that asymmetry is lower (higher) in the quarter following positive (negative) earnings surprises compared to firms that meet the consensus analyst earnings forecast. The relations between earnings surprises and information asymmetry are stronger when the surprises are more likely to capture investors' attention. Examining the source of these changes, we show that decreased information search activities is the most important factor for asymmetry declining after positive surprises; for negative surprises, decreased uninformed trading plays a dominant role increasing asymmetry.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Accounting and Economics - Volume 47, Issue 3, June 2009, Pages 208-225
نویسندگان
, , ,