BLOCK TRADING AND INFORMATION REVELATION AROUND QUARTERLY EARNINGS ANNOUNCEMENTS

• 成果类型: Article
• 署名作者: SEPPI, DJ
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/5.2.281
• 发表日期: 1992
• 页码: 281
• 关键词: Market expectations; price; securities; forecasts

摘要

I investigate the empirical importance of information revelation in the pricing of block trades. In particular, I examine whether block prices are correlated with the unexpected part of firms' quarterly earnings. For my sample of block trades, information revelation does indeed appear to be a significant factor shortly before earnings announcements.