Media coverage and price reactions to earnings news  

作　　者：Miao Yu Hangsoo Kyung Albert Tsang 

机构地区：[1]School of Accountancy Shandong,University of Finance and Economics,China [2]School of Accounting and Finance Hong,Kong Polytechnic University,China [3]SUSTech Business School Southern,University of Science and Technology,China

出　　处：《China Journal of Accounting Research》2024年第3期1-24,共24页中国会计学刊（英文版）

摘　　要：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 negative news,thereby reducing the persistence of poor financial performance and weakening price reactions to negative earnings news.

关 键 词：Earnings announcement Asymmetric stock market REACTIONS Media coverage Earnings persistence 

分 类 号：F832.51[经济管理—金融学] F275