Foreign macroeconomic and industry-related information transfers around earnings announcements: Evidence from U.S.-listed non-U.S. firms
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AbstractThis 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.
All Author(s) ListYashu Dong, Danqing Young
Journal nameJournal of Accounting and Economics
Year2021
Month4
Volume Number71
Issue Number2-3
PublisherElsevier B.V.
Place of PublicationUnited States
Article number101400
Pages1 - 23
ISSN0165-4101
eISSN1879-1980
LanguagesEnglish-United States
KeywordsMacroeconomic information transfer
Interaction-related information transfer
Disclosure processing costs
Cross-listing firms
Earnings announcement
Interaction-related information transfer
Disclosure processing costs
Cross-listing firms
Earnings announcement
