|
主讲人 |
Wai-Man (Raymond) LIU |
简介 |
<p>Abstract: We document that firms are 80% more likely to issue non-earnings press releases during the earnings announcement period when delivering extremely negative earnings news. Non-earnings press releases are insufficient to improve negative announcement returns in isolation. However, if the media covers the non-earnings press release, announcement returns increase by about 6% followed by a partial reversal. Our results suggest that while the non-earnings press releases are value relevant, investors tend to overreact to the media reporting of the non-earnings news. These valuation effects are concentrated in small firms.</p> |
|
主讲人简介 |
<p>Senior Lecturer in Finance</p>
<div>Research School of Finance, Actuarial Studies & Applied Statistics</div>
<div>Australian National University</div>
<div> </div>
<div><a href="/EventsMgr/Upload/File/2014/12/201412220704142.pdf">Prof. Wai-Man (Raymond) LIU' CV</a></div> |
期数 |
“WISE-SOE”2014秋季学期“高级经济学系列讲座”第十八讲（总第339讲）--金融领域 |
