The Role of Data Providers as Information Intermediaries
研究金融数据提供商（如First Call）是否扮演信息中介角色，发现其延迟发布盈余信息会减弱市场即时反应并增强盈余公告后漂移现象。
This study investigates whether financial data providers serve as information intermediaries in capital markets. To this end, I examine whether the timeliness of earnings information disseminated by First Call (Thomson Reuters) affects the market’s reaction to earnings announcements. I document that the immediate price and volume response is weaker and the post-earnings-announcement drift stronger for earnings news disseminated with a delay by First Call. To mitigate endogeneity concerns, I study the market reaction on the day of the delayed dissemination and show that a significant part of the stronger drift is clustered around this day.