作者: Brady J. Twedt
DOI: 10.2139/SSRN.2182162
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摘要: This study investigates the impact of dissemination on efficiency price discovery process with respect to management earnings guidance disclosures. I first identify firm and characteristics associated likelihood that receives coverage in Dow Jones Newswires. Using propensity-score, within-firm, returns-based matched control samples guidance, find newswire is larger initial reactions and, more importantly, an increase speed which information incorporated into price. also affects market’s reaction stand-alone versus bundled good bad news guidance. provide evidence systematic variation, both across within firms, breadth dissemination, it shows this variation has a substantial effect how investors respond