Business, Dhillon School of

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Browsing Business, Dhillon School of by Subject "Accounting"

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    Earnings announcement and information spillover: evidence from cross-listing
    (Lethbridge, Alta. : University of Lethbridge, Dhillon School of Business, 2023) Sumon, Khairul Kabir; University of Lethbridge. Dhillon School of Business; Jiao, Feng
    This study explores the intra-country information spillover of earnings announcements by a cross-listed firm to its non-announcing peer firms from the same home country in the US market from 1993 to 2021. Using a standard event study methodology, this study shows that non-announcing peer firms' cumulative abnormal returns (CARs) show a statistically significant positive association with the CARs of announcing firms over a three-day event window around the earnings announcement. The magnitude of information spillover of earnings announcements on peer firms is more pronounced in the bear market than in the bullish market. The intensity of information spillover is stronger and positively related to the home country's financial reporting quality and the size of the announcing firms.