Macroeconomic Information Acquisition Around Earnings Clusters

• 成果类型: Article; Early Access
• 署名作者: Ferracuti, Elia; Lind, Gary
• 署名单位: Duke University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
• 刊物名称: JOURNAL OF ACCOUNTING RESEARCH
• ISSN/ISSBN: 0021-8456
• DOI: 10.1111/1475-679X.70020
• 发表日期: 2025
• 关键词: accounting earnings; announcements; determinants; Inattention; attention; returns

摘要

Research shows that investors acquire and process less firm-specific information on days when many firms announce earnings (hereafter earnings clusters). We show that investors gather more macroeconomic information during earnings clusters, that this behavior is amplified during negative economic shocks and concurrent macroeconomic announcements, and that these information acquisition patterns have implications for equity valuations. Our findings are consistent with the benefit of extracting macroeconomic information from earnings announcements increasing during earnings clusters, which we confirm empirically. Thus, our results help explain why investors focus less on individual firm news during earnings clusters: They rationally redirect their attention to the most beneficial information.