Spreading the Word: Price Discovery and Newswire Dissemination of Management Earnings Guidance
研究了新闻通讯社传播对管理层盈利指引价格发现效率的影响，发现传播能加快信息融入股价的速度，且对不同类型的指引反应不同。
ABSTRACT This study investigates the impact of dissemination on the efficiency of the price discovery process with respect to management earnings guidance disclosures. I first identify firm and guidance characteristics associated with the likelihood that guidance receives coverage in the Dow Jones Newswires. Using propensity score, within-firm, and returns-based matched control samples of guidance, I find that newswire dissemination is associated with larger initial price reactions and, more importantly, an increase in the speed with which guidance information is incorporated into price. I also find that newswire coverage affects the market's reaction to stand-alone versus bundled guidance and good versus bad news guidance. This study is the first to provide evidence of systematic variation, both across and within firms, in the breadth of guidance dissemination, and it shows that this variation has a substantial effect on how investors respond to guidance. JEL Classifications: G14; M41; L82.