CJAR 2024年第3期目录与摘要

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点击蓝字 关注我们 Volume 17 Issue 3 2024 Miao Yu, Hangsoo Kyung, Albert Tsang Media coverage and price reactions to earnings news. China Journal of Accounting Research 17 (3). https://doi.org/10.1016/j.cjar.2024.100379 [Abstract]  In this study, we find that relative to firms with less media coverage, stock price sensitivity to positive (negative) earnings surprises in earnings announcements of firms with greater media coverage is stronger (weaker). This asymmetry in the effect of media coverage on stock price sensitivity to positive versus negative earnings surprises suggests that greater media coverage of earnings announcements intensifies stock price reactions to positive earnings surprises but attenuates reactions to negative earnings surprises. Moreover, we find that negative earnings news is less persistent for firms with greater media coverage. Overall, our findings support the conjecture that greater media coverage increases managers’ incentive to avoid future ne ………………………………