2017 Fiscal Year Final Research Report
An empirical research on the path through which earnings announcement clustering affects market efficiency
| Project/Area Number |
16H07380
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| Research Category |
Grant-in-Aid for Research Activity Start-up
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| Allocation Type | Single-year Grants |
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| Research Field |
Accounting
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| Research Institution | Hiroshima University of Economics |
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Principal Investigator |
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| Project Period (FY) |
2016-08-26 – 2018-03-31
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| Keywords | 決算発表 / 市場の効率性 / 注意力の限界 / アナリスト予想 / 新聞報道 / 流動性の供給 |
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| Outline of Final Research Achievements |
Prior literature find that earnings announcement clustering distracts investors’ attention from firms and lowers market efficiency to earnings information. Investigating the pass through which earnings announcement clustering affects market efficiency, I find that earnings announcement clustering (1) lowers the probability of disseminating performance-related news, (2) delays the speed of disseminating performance-related news, (3) is not related to disclosing cash flow forecast by financial analysts.
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| Free Research Field |
会計学
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