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題名 Weather Effects on Earnings Response Coefficients: International Evidence
作者 Lu, Chien-Ju ; Chin, Chen-Lung ; Chang, Yuanchen
金成隆
貢獻者 財管系
關鍵詞 earnings response coefficients; information transparency; investor mood; legal regime; weather
日期 2012.05
上傳時間 9-Apr-2014 15:45:30 (UTC+8)
摘要 We examine the relationship between weather effects and investor response to a firm`s quarterly earnings announcements using data from 20 countries. Our results show that market cumulative abnormal returns are associated with unexpected earnings and with weather measures. Investors in some countries respond more negatively (less positively) to bad (good) earnings news when earnings are announced on cloudy days than on sunny days. We also find an asymmetric weather effect that is more significant for bad earnings announcements, on average. Moreover, the extent of this weather effect is less for countries with higher financial information transparency and those with common-law systems.
關聯 Asia-Pacific Journal of Accounting & Economics,20(3), 315-333
資料類型 article
DOI http://dx.doi.org/10.1080/16081625.2012.667526
dc.contributor 財管系en_US
dc.creator (作者) Lu, Chien-Ju ; Chin, Chen-Lung ; Chang, Yuanchenen_US
dc.creator (作者) 金成隆zh_TW
dc.date (日期) 2012.05en_US
dc.date.accessioned 9-Apr-2014 15:45:30 (UTC+8)-
dc.date.available 9-Apr-2014 15:45:30 (UTC+8)-
dc.date.issued (上傳時間) 9-Apr-2014 15:45:30 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/65214-
dc.description.abstract (摘要) We examine the relationship between weather effects and investor response to a firm`s quarterly earnings announcements using data from 20 countries. Our results show that market cumulative abnormal returns are associated with unexpected earnings and with weather measures. Investors in some countries respond more negatively (less positively) to bad (good) earnings news when earnings are announced on cloudy days than on sunny days. We also find an asymmetric weather effect that is more significant for bad earnings announcements, on average. Moreover, the extent of this weather effect is less for countries with higher financial information transparency and those with common-law systems.en_US
dc.format.extent 141 bytes-
dc.format.mimetype text/html-
dc.language.iso en_US-
dc.relation (關聯) Asia-Pacific Journal of Accounting & Economics,20(3), 315-333en_US
dc.subject (關鍵詞) earnings response coefficients; information transparency; investor mood; legal regime; weatheren_US
dc.title (題名) Weather Effects on Earnings Response Coefficients: International Evidenceen_US
dc.type (資料類型) articleen
dc.identifier.doi (DOI) 10.1080/16081625.2012.667526en_US
dc.doi.uri (DOI) http://dx.doi.org/10.1080/16081625.2012.667526en_US