Foreign macroeconomic and industry-related information transfers around earnings announcements: Evidence from US-listed non-US firms

• 成果类型: Article
• 署名作者: Dong, Yashu; Young, Danqing
• 署名单位: Shanghai University of Finance & Economics; Chinese University of Hong Kong
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2021.101400
• 发表日期: 2021
• 关键词: Price discovery; STOCK; INVESTMENT; management; forecasts; news

摘要

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. 0 2021 Elsevier B.V. All rights reserved.