CORPORATE EARNINGS ANNOUNCEMENTS AND ECONOMIC ACTIVITY

• 成果类型: Article
• 署名作者: Miescu, Mirela S.; Mumtaz, Haroon
• 署名单位: Lancaster University; University of London; Queen Mary University London
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12701
• 发表日期: 2024
• 页码: 1777-1793
• 关键词: business-cycle; Macroeconomic news; monetary-policy; interest-rates; identification; IMPACT; DYNAMICS; origins

摘要

Are corporate earnings (CE) announcements important for economic activity? We address this question using a novel identification method that combines the valuable information from CE announcements with the heteroscedasticity of shocks experienced on these particular days. Our results demonstrate that CE announcements have a significant impact on the macroeconomy, exhibiting dynamics similar to traditional financial disruptions. We establish that CE announcements' shocks can be classified as financial shocks, highlighting their critical role in the financial system.