Spreading The Word: Capital Market Consequences of Business Press Coverage of Management Earnings Guidance
作者： Brady J Twedt
DOI:
关键词: Accounting 、 Capital market 、 Public relations 、 Variation (linguistics) 、 Dissemination 、 Sample (statistics) 、 Earnings guidance 、 Business 、 Endogeneity 、 Systematic variation 、 Information Dissemination
摘要: This study investigates the role of business press in disseminating management earnings guidance news to capital market participants. Using a unique sample over 55,000 articles that relate specifically guidance, I find 48 percent all receives coverage press, with substantial within-firm variation. then identify firm and characteristics are associated likelihood coverage. Controlling for endogeneity coverage, dissemination has significant impact on investor analyst reactions news, these effects economically large. is first provide evidence there systematic variation extent which information disseminated, this effect consequences guidance.
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