Quarterly earnings announcements and intra-industry information transfer from the Pacific to the Atlantic |
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| Affiliation: | 1. School of Business, Management and Economics, University of Sussex, 316 Jubilee Building, Falmer, Brighton BN1 9SL, UK;2. Faculty of Commerce and Business Administration, Douglas College, 700 Royal Avenue, New Westminster V3L 5B2, BC, Canada;3. The Management School, Lancaster University, Lancaster LA1 4YX, UK;4. School of Business, Management and Economics, University of Sussex, 308 Jubilee Building, Falmer, Brighton BN1 9SL, UK;5. Department of Accounting, College of Economics Shenzhen University, Nanshan District, 518055 Shenzhen, PR China;1. Cracow University of Economics, Department of Statistics, Rakowicka 27 St., 31-510 Cracow, Poland;2. Montpellier Business School, Montpellier, France;3. South Ural State University, Chelyabinsk, Russian Federation |
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| Abstract: | In this study, we explore intra-industry information transfer of quarterly earnings announcements for six major developed markets including the United States. Using an event study methodology, we find that the average cumulative abnormal returns (CARs) of peer firms exhibit a positive and significant relationship with the CARs of announcing firms in the same country and industry over the three-day window surrounding quarterly earnings announcements. During periods of high past market volatility, earnings announcements demonstrate magnified information spillover effects on peer firms. Also, our results suggest that announcing firms with larger market capitalization generate greater intra-industry information transfer. |
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