The Brand Value of Earnings: An Event Study of Consumer Responses to Earnings Announcements
利用日度消费者感知数据，首次通过短窗口事件研究发现盈利意外与消费者品牌感知变化正相关，且这种关系受新闻传播、品牌和消费者特征影响，最终影响购买意愿和未来销售增长。
ABSTRACT We provide evidence from the first short-window event study of consumers’ perceptual responses to earnings announcements using daily consumer perception data. We document a positive association between the change in consumers’ overall perceptions of a brand at the time of the earnings announcement and the earnings surprise—that is, a positive consumer earnings response coefficient (CERC). CERC is larger when there is greater traditional news or social media activity, indicating that news dissemination is an important channel for consumers to respond to earnings news. Moreover, CERC varies based on brand and consumer characteristics. Changes in consumer perceptions at the time of the earnings announcement are positively associated with changes in purchase consideration and intent and with changes in realized future sales growth. To maximize identification, we document a positive and statistically significant CERC in a controlled experiment. Our findings demonstrate the importance of earnings to an important stakeholder. Data Availability: Data are available from the sources cited in the text. JEL Classifications: M31; M41; G14.