This paper investigates the effect of oligopolistic rivalry on spillovers in financial reporting. Using an event study methodology and focusing on global airlines, we find that firms experience discernable abnormal stock price reactions at the announcement of unexpected earnings by rival...

This paper provides a systematic assessment of the usefulness of earnings releases by global airlines. Utilizing a standard event study methodology, it is found that the sample as a whole does not possess significant information content. The information content of earnings is found to be related...

Although perceived as risk-laden, cyclical businesses with high financial and operating leverage, relatively low beta risks have been documented for the international transportation industry. This paper analyses whether such results are robust to different estimation designs and asserts that...