Investor and Analyst Reactions to Earnings Announcements of Related Firms: An Empirical Analysis
研究行业内首家发布盈利公告的公司，其盈利预测误差如何影响后续公告公司的投资者和分析师反应，发现市场对首家公告信息反应不足，导致后续公司股价可预测。
In this article I examine the response of investors and analysts of nonannouncing firms to the earnings report of the first announcers in the industry. The error in the earnings forecast of the first announcer is found to be informative about the errors in the contemporaneous earnings forecasts of subsequent announcers in the industry. However, investors and analysts do not appear to fully incorporate the information from the first announcers’ news in their revised earnings expectations for subsequent announcers. This apparent underreaction to the first announcers’ news leads to predictable stock returns for subsequent announcers in the days following the first announcement. Results of this study can be seen as further evidence of investor and analyst underreaction to publicly available information.