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題名 Giving Context to Accounting Numbers: The Role of News Coverage
作者 Chen,Kuo-Tay ;Lu,Hsin-Min ;Chen,Tsai-Jyh ;Li,Shu-Hsing ;Lian,Jian-Shuen ;Chen,Hsin-chun
陳國泰;盧信銘;陳彩稚;李書行;Lian, Jian-Shuen;陳炘鈞
貢獻者 風管系
關鍵詞 Earnings response coefficient (ERC); Event study; News coverage effect; Information content of earnings
日期 2011-03
上傳時間 27-二月-2014 16:19:33 (UTC+8)
摘要 Accounting numbers such as earnings per share are an important information source that conveys the value of firms. Previous studies on the return-earnings relation have confirmed that stock prices react to the information content in accounting numbers. However, other information sources such as financial news may also contain value-relevant information and affect investors` reaction to earnings announcements. We quantify news coverage about S&P 500 companies in the Wall Street Journal (WSJ) before earnings announcements and model its interaction with the return-earnings relation. Our empirical results show that news coverage decreases the information content of unexpected earnings and thus leads to a lower earnings response coefficient (ERC) for firms with higher news coverage. Statistically significant interaction between news coverage and unexpected earnings was observed. News coverage does not impact cumulated abnormal returns directly. We further document that this finding is not driven by firm size. The results suggest that financial news may play an important role in conveying value-related information to the markets.
關聯 Decision Support Systems, 50(4), 673-679
資料類型 article
DOI http://dx.doi.org/http://dx.doi.org/10.1016/j.dss.2010.08.025
dc.contributor 風管系en_US
dc.creator (作者) Chen,Kuo-Tay ;Lu,Hsin-Min ;Chen,Tsai-Jyh ;Li,Shu-Hsing ;Lian,Jian-Shuen ;Chen,Hsin-chunen_US
dc.creator (作者) 陳國泰;盧信銘;陳彩稚;李書行;Lian, Jian-Shuen;陳炘鈞zh_TW
dc.date (日期) 2011-03en_US
dc.date.accessioned 27-二月-2014 16:19:33 (UTC+8)-
dc.date.available 27-二月-2014 16:19:33 (UTC+8)-
dc.date.issued (上傳時間) 27-二月-2014 16:19:33 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/64286-
dc.description.abstract (摘要) Accounting numbers such as earnings per share are an important information source that conveys the value of firms. Previous studies on the return-earnings relation have confirmed that stock prices react to the information content in accounting numbers. However, other information sources such as financial news may also contain value-relevant information and affect investors` reaction to earnings announcements. We quantify news coverage about S&P 500 companies in the Wall Street Journal (WSJ) before earnings announcements and model its interaction with the return-earnings relation. Our empirical results show that news coverage decreases the information content of unexpected earnings and thus leads to a lower earnings response coefficient (ERC) for firms with higher news coverage. Statistically significant interaction between news coverage and unexpected earnings was observed. News coverage does not impact cumulated abnormal returns directly. We further document that this finding is not driven by firm size. The results suggest that financial news may play an important role in conveying value-related information to the markets.en_US
dc.format.extent 426281 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.relation (關聯) Decision Support Systems, 50(4), 673-679en_US
dc.subject (關鍵詞) Earnings response coefficient (ERC); Event study; News coverage effect; Information content of earningsen_US
dc.title (題名) Giving Context to Accounting Numbers: The Role of News Coverageen_US
dc.type (資料類型) articleen
dc.identifier.doi (DOI) 10.1016/j.dss.2010.08.025en_US
dc.doi.uri (DOI) http://dx.doi.org/http://dx.doi.org/10.1016/j.dss.2010.08.025en_US