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Intra-industry transfer of information inferred from trading volume
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SYSNO ASEP 0532509 Document Type V - Research Report R&D Document Type The record was not marked in the RIV Title Intra-industry transfer of information inferred from trading volume Author(s) Brushko, I. (CZ)
Ferris, S. P. (US)
Hanousek, Jan (NHU-C) RID
Trešl, Jiří (NHU-C)Issue data Prague: CERGE-EI, 2020 ISSN 1211-3298 Series CERGE-EI Working Paper Series Series number 663 Number of pages 28 s. Publication form Print - P Language eng - English Country CZ - Czech Republic Keywords intra-industry ; earnings announcement ; earnings surprise Subject RIV AH - Economics OECD category Applied Economics, Econometrics Institutional support NHU-C - Progres-Q24 Annotation This study examines the responsiveness of trading volume to a firm’s earnings announcements. We find that the volume and earnings surprise information generated at the first earnings announcement within an industry help to explain the stock returns of the non-announcing firm. Specifically, it explains their equity performance at the time of the first industry announcement and then again after their own earnings announcement. These results provide novel insights into how earnings announcements contain both firm specific as well as industry information that is value relevant for investors. Workplace Economics Institute - CERGE Contact Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Year of Publishing 2021 Electronic address https://www.cerge-ei.cz/pdf/wp/Wp663.pdf
Number of the records: 1