Industry Information Transfers: The Effect of Information Environment
研究信息环境如何影响公司股价对自身及同行盈利信息的反应，发现非公告公司的股价反应与其市值负相关，但与同行媒体报道数和行业历史盈利相关性正相关。
This study extends the information environment theory of Atiase (1985) that suggests an inverse relation between the information available about a firm and the security price reaction to its release of earnings. Non‐announcing firms' security price responses are found to be inversely related to their market value but directly related to the number of peer firm articles appearing in the Wall Street Journal and the historical earnings correlations within their industry. The results suggest that information environment affects the security price relevance of a firm's own and its peer firms' earnings.