Intra-industry information transfers: Evidence from earnings announcements

I examine the role of product market relations in information assimilation surrounding corporate earnings announcements. I provide evidence that intra-industry information transfers measured by industry rival earnings announcements account for a substantial portion of the well documented post-earnings announcement drift. While this evidence appears to be most consistent with rational structural uncertainty [Brav and Heaton (2002)] one cannot rule out the possibility of behavioral biases.

Name thesis:degree_name

Ph. D.

Level thesis:degree_level

doctoral

Discipline thesis:degree_discipline

Accounting and Information Systems

Department dc:contributor.department

Accounting and Information Systems

Grantor dc:publisher

Virginia Tech

Year dc:date.issued

2006

Author dc:creator

• Kovacs, Tunde

Chair dc:contributor.committeechair

• Kadlec, Gregory B.

Committee members dc:contributor.committeemember

• Gulen, Huseyin
• Cliff, Michael T.
• Kumar, Raman

• Post-earnings drift
• Product market relations
• Intra-industry information transfer
• Information assimilation

Statement dc:rights

• In Copyright

Licence dc:rights.uri

• http://rightsstatements.org/vocab/InC/1.0/

Dc Identifier Other

etd-04202006-172121

OAI identifier oai:identifier

oai:vtechworks.lib.vt.edu:10919/27057