2021
DOI: 10.2308/jiar-2021-086
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Overreaction or Underreaction to Intra-Industry Earnings Information Transfer: A Cross-Country Analysis

Abstract: We apply the moderated confidence hypothesis (MCH) to investigate overreaction and underreaction in intra-industry earnings information transfers in an international setting. MCH predicts that late announcing firms’ investors overreact (underreact) to early announcing industry peers’ earnings news when early announcing peers’ earnings news is imprecise (precise) signals of late announcing firms’ earnings. Consistent with early announcing peers’ earnings news being imprecise signals of late announcing firms’ ea… Show more

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Cited by 1 publication
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References 85 publications
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