CORPORATE EARNINGS ANNOUNCEMENTS AND ECONOMIC ACTIVITY
研究企业盈利公告对宏观经济的影响，发现其冲击类似传统金融扰动，可归类为金融冲击，凸显其在金融系统中的关键作用。
Abstract Are corporate earnings (CE) announcements important for economic activity? We address this question using a novel identification method that combines the valuable information from CE announcements with the heteroscedasticity of shocks experienced on these particular days. Our results demonstrate that CE announcements have a significant impact on the macroeconomy, exhibiting dynamics similar to traditional financial disruptions. We establish that CE announcements' shocks can be classified as financial shocks, highlighting their critical role in the financial system.