Does the Precision of News Affect Market Underreaction? Evidence from Returns Following Two Classes of Profit Warnings
检验市场对两类盈利预警（含新盈利预测 vs 仅定性指引）的反应，发现预警后三个月均出现显著负异常回报，且信息披露越不精确，市场反应不足越明显。
Abstract We evaluate whether the market reacts rationally to profit warnings by testing for subsequent abnormal returns. Warnings fall into two classes: those that include a new earnings forecast, and those that offer only the guidance that earnings will be below current expectations. We find significant negative abnormal returns in the first three months following both types of warning. There is also evidence that underreaction is more pronounced when the disclosure is less precise. Abnormal returns are significantly more negative following disclosures that offer only qualitative guidance than when a new earnings forecast is included .