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Trading on Fluffy News : The Effect of Information Tangibility on Short Sellers’ Behavior

von Beschwitz, Bastian - 2013

We investigate how short sellers strategically exploit the liquidity generated by the arrival of ambiguous information – i.e. information likely to cause disagreement in interpretation. Using a sample of newspaper articles, media newswires, and press releases, we construct a measure of...

Persistent link: https://www.econbiz.de/10013091357

Much Ado About Making Money : The Impact of Disclosure, News and Rumors Over the Formation of Security Market Prices Over Time

Biondi, Yuri - 2017

This article develops an agent-based model of security market pricing process, capable to capture main stylised facts. It features collective market pricing mechanisms based upon evolving heterogeneous expectations that incorporate signals of security issuer fundamental performance over time....

Persistent link: https://www.econbiz.de/10012970505

Retroactive Tax Legislation, Reported Earnings, and Investors' Responses to Earnings 'Surprises' : Evidence from R&D Credit Extensions

Bratten, Brian; Hulse, David S. - 2017

When Congress retroactively extends a temporary tax rule, the effect on earnings is complex because financial reporting standards require firms to apply the integral method using enacted tax law to determine quarterly income tax expense. We model this effect and examine earnings announcements...

Persistent link: https://www.econbiz.de/10014142016

Actively managed funds and earnings news : evidence from trade-level data

Lee, Charles M. C.; Zhu, Christina - 2018 - Current Draft: September 2018

We use trade-level data to examine the role of actively managed funds (AMFs) in earnings news dissemination. We find AMFs are drawn to, and participate disproportionately more in, earnings announcements (EAs) that include bundled managerial guidance. When the two pieces of news are directionally...

Persistent link: https://www.econbiz.de/10011980295

Credibility Signals from Soft Information : Evidence from Investor Reactions to Tone in Earnings Conference Calls

Hennig, Jan; Firk, Sebastian; Wolff, Michael - 2023

Research assigns significant share price relevance to linguistic tone in earnings conference calls. Tone is, however, only one facet in the mosaic of the soft information that is disseminated in the interactive conference call setting. We argue that investors exploit further aspects of this soft...

Persistent link: https://www.econbiz.de/10014352819

Option Trading, Price Discovery, and Earnings News Dissemination

Amin, Kaushik I.; Lee, Charles M.C - 1998

Option market activity increases by more than 10 percent in the four days before quarterly earnings announcements. We show that the direction of this pre-announcement trading foreshadows subsequent earnings news. Specifically, we find option traders initiate a greater proportion of long (short)...

Persistent link: https://www.econbiz.de/10014123888

Why Do Individual Investors Disregard Accounting Information? The Roles of Information Awareness and Acquisition Costs

Blankespoor, Elizabeth - 2020

We investigate the frictions that impede individual investors' use of accounting information and, in particular, their … costs of monitoring and acquiring accounting disclosures. We do so using an archival setting in which individuals are … efficacy of regulations that aim to aid less sophisticated investors by increasing their awareness of and access to accounting …

Persistent link: https://www.econbiz.de/10012849087

Why Do Individual Investors Disregard Accounting Information? The Roles of Information Awareness and Acquisition Costs

Blankespoor, Elizabeth - 2019

Individual investors often neglect value-relevant accounting information and instead underperform by trading on … technical trends. We investigate the frictions that impede individual investors' use of accounting information, and in … particular their costs of monitoring and acquiring accounting disclosures. We do so using an archival setting where individuals …

Persistent link: https://www.econbiz.de/10012900770

Do Analysts and Investors Efficiently Respond to Managerial Linguistic Complexity on Conference Calls?

Bushee, Brian J. - 2019

This paper examines whether analysts and investors efficiently incorporate the informational cues from managerial linguistic complexity (e.g. Fog) on conference calls into their forecasts and trading decisions. We predict that managers use linguistic complexity to obfuscate before poor future...

Persistent link: https://www.econbiz.de/10012868363

How do Individual Investors React to Global IFRS Adoption?

Brüggemann, Ulf - 2012

We examine the impact of global IFRS adoption on cross-border equity investments by individual investors. Our proxy for cross-border equity investments is trading volume in the Open Market at Frankfurt Stock Exchange. The Open Market is a segment designed for German individual investors to trade...

Persistent link: https://www.econbiz.de/10013116847