Intra‐Industry Information Transfers and the Post‐Earnings Announcement Drift
研究了分析师预测为基础的盈余公告后漂移中，行业内信息传递的作用，发现后续同行业公司的盈余公告如果确认了公司最初的盈余意外，且行业存在正向行业内信息传递，会加剧漂移。
Abstract This study examines the role of intra‐industry information transfers in the analyst forecast‐based post‐earnings announcement drift. I find that subsequent same‐industry‐peer earnings announcements influence a firm's post‐earnings announcement drift if these subsequent announcements confirm the firm's initial earnings surprise and the firm's industry exhibits ex ante positive (common effect) intra‐industry information transfers. The results suggest that underreaction to industry‐specific information contributes to analyst forecast‐based post‐earnings announcement drift.