2026-09-20T00:43:03.616849700Zhttps://opus.uleth.ca/server/oai/requestoai:opus.uleth.ca:10133/66302023-11-18T06:04:45Zcom_10133_3346com_10133_1com_10133_296col_10133_3351col_10133_298
ULethbridge OPUS Repository
supervisor
Jiao, Feng
author
Sumon, Khairul Kabir
author
University of Lethbridge. Dhillon School of Business
2023-11-17T20:56:14Z
2023-11-17T20:56:14Z
2023
https://hdl.handle.net/10133/6630
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.
en
cross-listed firms
earnings announcements
information spillover
intra-country information transfer
Earnings announcement and information spillover: evidence from cross-listing
Thesis
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
URL
http://localhost:4000/bitstreams/0b65d4f0-e521-464f-807c-2315bab57926/download
File
MD5
600646f366ab1adb03ea9e0741479716
585422
application/pdf
SUMON_KHAIRUL_MSC_Mgt_2023.pdf
URL
http://localhost:4000/bitstreams/265ca98d-e4d5-406b-bd9f-86738d128d0c/download
File
MD5
a83758c106e9ffba8f1ab6cf6834fa69
103135
text/plain
SUMON_KHAIRUL_MSC_Mgt_2023.pdf.txt