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政大典藏 > College of Commerce > Department of Risk Management and Insurance > Periodical Articles > Item 140.119/64286

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/64286

Title:	Giving Context to Accounting Numbers: The Role of News Coverage
Authors:	Chen,Kuo-Tay;Lu,Hsin-Min;Chen,Tsai-Jyh;Li,Shu-Hsing;Lian,Jian-Shuen;Chen,Hsin-chun 陳國泰;盧信銘;陳彩稚;李書行;Lian, Jian-Shuen;陳炘鈞
Contributors:	風管系
Keywords:	Earnings response coefficient (ERC);Event study;News coverage effect;Information content of earnings
Date:	2011-03
Issue Date:	2014-02-27 16:19:33 (UTC+8)
Abstract:	Accounting numbers such as earnings per share are an important information source that conveys the value of firms. Previous studies on the return-earnings relation have confirmed that stock prices react to the information content in accounting numbers. However, other information sources such as financial news may also contain value-relevant information and affect investors` reaction to earnings announcements. We quantify news coverage about S&P 500 companies in the Wall Street Journal (WSJ) before earnings announcements and model its interaction with the return-earnings relation. Our empirical results show that news coverage decreases the information content of unexpected earnings and thus leads to a lower earnings response coefficient (ERC) for firms with higher news coverage. Statistically significant interaction between news coverage and unexpected earnings was observed. News coverage does not impact cumulated abnormal returns directly. We further document that this finding is not driven by firm size. The results suggest that financial news may play an important role in conveying value-related information to the markets.
Relation:	Decision Support Systems, 50(4), 673-679
Data Type:	article
DOI link:	http://dx.doi.org/http://dx.doi.org/10.1016/j.dss.2010.08.025
DOI:	10.1016/j.dss.2010.08.025
Appears in Collections:	[Department of Risk Management and Insurance] Periodical Articles

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