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Market Reaction to Multiple Contemporaneous Earnings Signals: Earnings Announcements and Future Earnings Guidance
We examine market reactions to contemporaneous announcements of current earnings and future earnings guidance for evidence on how investors trade off relevance and reliability. Current earnings areExpand
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Operational Restructuring Charges and Post‐Restructuring Performance*
Firms incur restructuring charges as a result of actions intended to improve their operating performance. However, there is little evidence on whether restructuring charges are associated withExpand
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Market Reaction to Earnings Surprise Warnings: The Incremental Effect of Shareholder Litigation Risk on the Warning Effect
We examine the incremental effect of shareholder litigation risk on market reaction to earnings surprise warnings, that is, the warning effect. Prior research examines earnings warnings by firmsExpand
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THE FUNDAMENTAL DETERMINANTS OF TRADING VOLUME REACTION TO FINANCIAL INFORMATION: EVIDENCE AND IMPLICATIONS FOR EMPIRICAL CAPITAL MARKET RESEARCH
Prior empirical research indicates that trading volume reaction to new information increases with the heterogeneity of investors’ prior beliefs. We examine three potential factors that theoreticalExpand
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Differences in Prior Beliefs, Differential Interpretation, and the Consensus Effect of Quarterly Earnings Signals and Trading Volume
Models of financial economists including Karpoff, Varian, Holthausen and Verrecchia, and Dontoh and Ronen have demonstrated that there are three distinct fundamental determinants of trading volumeExpand
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The Informedness Effect and Volume of Trade
Theoretical models of trade show that information-based trading is a consequence of four fundamental determinants: heterogeneous prior beliefs, differential interpretations, the consensus effect, andExpand
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Institutional Monitoring and Corporate Restructurings
We investigate the monitoring role performed by institutional investors in corporate restructurings. We hypothesize that institutional monitoring will (1) influence a firm's decision to restructureExpand
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