Not just for investors: The role of earnings announcements in guiding job seekers

• 成果类型: Article
• 署名作者: Choi, Bong-Geun; Choi, Jung Ho; Malik, Sara
• 署名单位: Stanford University; Utah System of Higher Education; University of Utah
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2023.101588
• 发表日期: 2023
• 关键词: information-content; QUALITY; search; attention; ECONOMICS; IMPACT

摘要

We study the information content of earnings announcements and its relevance for job search using detailed search data from half a million anonymous job seekers. We find evidence consistent with job seekers initiating job-search activity in response to a pro-spective employer's earnings announcements. Job seekers search more intensely for em-ployers with media coverage and earnings growth, consistent with the attention and information roles of earnings announcements. We find corroborating evidence about the usefulness of earnings announcements' financial information content to job seekers: (1) a survey experiment indicates that job seekers are more willing to apply to firms when provided with evidence of positive performance; (2) job seekers search for financial in-formation during applications and interviews; and (3) financial information is predictive of future job prospects, including job openings and career growth. Overall, our paper suggests that earnings announcements-among other sources-prompt and guide job seekers' search activities. & COPY; 2023 Elsevier B.V. All rights reserved.