Mahipala, Thusitha; Chan, Howard Wei-hong; Faff, Robert W. - In: Applied financial economics 19 (2009) 19/21, pp. 1737-1752
trading volume behaviour and the role played by informed and uninformed investors around routine and nonroutine announcements …. Prior to preliminary final earnings announcements, there is a consistent decline in trading volume consistent with higher … adverse selection costs. For interim announcements, there is an increase in pre-announcement trading volume while no …