Foreign macroeconomic and industry-related information transfers around earnings announcements: Evidence from U.S.-listed non-U.S. firms |
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Authors: | Yashu Dong Danqing Young |
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Institution: | 1. School of Accounting, Shanghai University of Finance and Economics, Guoding Road, Shanghai, PR China;2. School of Accountancy, The Chinese University of Hong Kong, Shatin, NT, Hong Kong |
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Abstract: | This study examines information transfer regarding how investors react to new foreign macroeconomic and industry-related information embedded in foreign firms' earnings releases. Using non-U.S. firms listed in the U.S. as our main setting, we find that U.S. investors react significantly to foreign macroeconomic information and to information generated by the interaction between macroeconomic and industry-related information. We also find that the benefits (costs) of processing earnings reports increase (decrease) both types of information transfers. In addition, we find macroeconomic information transfers in an international cross-listing setting and both types of information transfers in an international non-cross-listing setting. |
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Keywords: | Macroeconomic information transfer Interaction-related information transfer Disclosure processing costs Cross-listing firms Earnings announcement M40 M41 G15 |
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