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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/65214
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/65214

    Title: Weather Effects on Earnings Response Coefficients: International Evidence
    Authors: Lu, Chien-Ju;Chin, Chen-Lung;Chang, Yuanchen
    Contributors: 財管系
    Keywords: earnings response coefficients;information transparency;investor mood;legal regime;weather
    Date: 2012.05
    Issue Date: 2014-04-09 15:45:30 (UTC+8)
    Abstract: We examine the relationship between weather effects and investor response to a firm's quarterly earnings announcements using data from 20 countries. Our results show that market cumulative abnormal returns are associated with unexpected earnings and with weather measures. Investors in some countries respond more negatively (less positively) to bad (good) earnings news when earnings are announced on cloudy days than on sunny days. We also find an asymmetric weather effect that is more significant for bad earnings announcements, on average. Moreover, the extent of this weather effect is less for countries with higher financial information transparency and those with common-law systems.
    Relation: Asia-Pacific Journal of Accounting & Economics,20(3), 315-333
    Data Type: article
    DOI 連結: http://dx.doi.org/10.1080/16081625.2012.667526
    DOI: 10.1080/16081625.2012.667526
    Appears in Collections:[財務管理學系] 期刊論文

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