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Endogenous Information Flows and the Clustering of Announcements

Acharya, Viral V; DeMarzo, Peter; Kremer, Ilan - C.E.P.R. Discussion Papers - 2011

We consider the strategic timing of information releases in a dynamic disclosure model. Because investors don’t know whether or when the firm is informed, the firm will not necessarily disclose immediately. We show that bad market news can trigger the immediate release of information by firms....

Persistent link: https://www.econbiz.de/10009364996

Endogenous Information Flows and the Clustering of Announcements

Acharya, Viral V; DeMarzo, Peter; Kremer, Ilan - C.E.P.R. Discussion Papers - 2008

We consider the release of information by a firm when the manager has discretion regarding the timing of its release. While it is well known that firms appear to delay the release of bad news, we examine how external information about the state of the economy (or the industry) affects this...

Persistent link: https://www.econbiz.de/10005788970

Individual Investor Trading and Return Patterns around Earnings Announcements

Kaniel, Ron; Liu, Shuming; Saar, Gideon; Titman, Sheridan - C.E.P.R. Discussion Papers - 2011

This paper documents evidence consistent with informed trading by individual investors around earnings announcements using a unique dataset of NYSE stocks. We show that intense aggregate individual investor buying (selling) predicts large positive (negative) abnormal returns on and after...

Persistent link: https://www.econbiz.de/10008854465

Guru Dreams and Competition: An Anatomy of the Economics of Blogs

Dong, Yi; Massa, Massimo; Zhang, Hong - C.E.P.R. Discussion Papers - 2015

provision or cheap talk, and competition inherent to social media may incentivize participants to either process better …, we find evidence that social media can be informative about future stock returns but that competition distorts opinions … rather than encouraging participants to process better information. In particular, competition induces exaggerated negative …

Persistent link: https://www.econbiz.de/10011196033

A General Approach to Recovering Market Expectations from Futures Prices With an Application to Crude Oil

Baumeister, Christiane; Kilian, Lutz - C.E.P.R. Discussion Papers - 2014

Futures markets are a potentially valuable source of information about market expectations. Exploiting this information has proved difficult in practice, because the presence of a timevarying risk premium often renders the futures price a poor measure of the market expectation of the price of...

Persistent link: https://www.econbiz.de/10011083547

A Theory of Income Smoothing When Insiders Know More Than Outsiders

Acharya, Viral V; Lambrecht, Bart - C.E.P.R. Discussion Papers - 2012

We consider a setting in which insiders have information about income that outside shareholders do not, but property rights ensure that outside shareholders can enforce a fair payout. To avoid intervention, insiders report income consistent with outsiders' expectations based on publicly...

Persistent link: https://www.econbiz.de/10011083832

Does Relationship Lending Require Opaque (and Conservative) Financial Reporting?

Bigus, Jochen; Hakenes, Hendrik - C.E.P.R. Discussion Papers - 2014

For many private firms, relationship lending is the only viable form of outside financing. Relationship lending typically relies on intertemporal loan pricing: losses from early years are recovered by information rents in later years, which stem from the lender's private information regarding...

Persistent link: https://www.econbiz.de/10011083940

Can we Automate Earnings Forecasts and Beat Analysts?

Ball, Ryan; Ghysels, Eric; Zhou, Huan - C.E.P.R. Discussion Papers - 2014

than analysts' consensus forecasts, reducing their forecast errors by 15% to 30% on average, depending on forecast horizon. …

Persistent link: https://www.econbiz.de/10011084355

Radio Frequency (Un)Identification: Results from a Proof-of-Concept Trial of the use of RFID Technology to Measure Microenterprise Turnover in Sri Lanka

De Mel, Suresh; McKenzie, David - C.E.P.R. Discussion Papers - 2014

Accurate measurement of stock levels, turnover, and profitability in microenterprises in developing countries is difficult due to the fact that the majority of these firms do not keep detailed records. We test the use of RFID tags as a means of objectively measuring stock levels and stock flow...

Persistent link: https://www.econbiz.de/10011084548

On the Fortunes of Stock Exchanges and Their Reversals: Evidence from Foreign Listings

Fernandes, Nuno; Giannetti, Mariassunta - C.E.P.R. Discussion Papers - 2009

Using a sample that provides unprecedented detail on foreign listings, new listings, and delistings for 29 exchanges in 24 countries starting from the early 1980s, we document a growing tendency of listings to concentrate in the U.S. and the U.K. and large changes in all exchanges’ ability to...

Persistent link: https://www.econbiz.de/10004991544