盈利新闻和场外交易市场

IF 4.9 2区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting Research Pub Date : 2024-02-07 DOI:10.1111/1475-679X.12522

STEFAN J. HUBER, CHONGHO KIM, EDWARD M. WATTS

{"title":"盈利新闻和场外交易市场","authors":"STEFAN J. HUBER, CHONGHO KIM, EDWARD M. WATTS","doi":"10.1111/1475-679X.12522","DOIUrl":null,"url":null,"abstract":"<div>\n \n <p>We document significant increases in bond market liquidity around earnings announcements. These increases are attributed to decreased search and bargaining costs, which arise from the over-the-counter (OTC) nature of bond markets and outweigh increases in information asymmetry during these periods. Our evidence traces reductions in search and bargaining costs to two sources around earnings announcements: (1) improved access to dealers and (2) increased participation from institutional investors, who can more easily transact with multiple dealers. Overall, our findings highlight a novel channel through which firm-specific information affects asset prices.</p></div>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"62 2","pages":"701-735"},"PeriodicalIF":4.9000,"publicationDate":"2024-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Earnings News and Over-the-Counter Markets\",\"authors\":\"STEFAN J. HUBER, CHONGHO KIM, EDWARD M. WATTS\",\"doi\":\"10.1111/1475-679X.12522\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div>\\n \\n <p>We document significant increases in bond market liquidity around earnings announcements. These increases are attributed to decreased search and bargaining costs, which arise from the over-the-counter (OTC) nature of bond markets and outweigh increases in information asymmetry during these periods. Our evidence traces reductions in search and bargaining costs to two sources around earnings announcements: (1) improved access to dealers and (2) increased participation from institutional investors, who can more easily transact with multiple dealers. Overall, our findings highlight a novel channel through which firm-specific information affects asset prices.</p></div>\",\"PeriodicalId\":48414,\"journal\":{\"name\":\"Journal of Accounting Research\",\"volume\":\"62 2\",\"pages\":\"701-735\"},\"PeriodicalIF\":4.9000,\"publicationDate\":\"2024-02-07\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Accounting Research\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/1475-679X.12522\",\"RegionNum\":2,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Accounting Research","FirstCategoryId":"91","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/1475-679X.12522","RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

我们记录了收益公布前后债券市场流动性的大幅增加。这些增长可归因于搜索和讨价还价成本的降低，而搜索和讨价还价成本的降低源于债券市场的场外交易（OTC）性质，并在这些时期超过了信息不对称的增加。我们的证据表明，搜索和讨价还价成本的降低与盈利公布前后的两个因素有关：(1) 交易商渠道的改善；(2) 机构投资者参与度的提高，他们可以更容易地与多家交易商进行交易。总之，我们的研究结果凸显了公司特定信息影响资产价格的新渠道。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Earnings News and Over-the-Counter Markets

We document significant increases in bond market liquidity around earnings announcements. These increases are attributed to decreased search and bargaining costs, which arise from the over-the-counter (OTC) nature of bond markets and outweigh increases in information asymmetry during these periods. Our evidence traces reductions in search and bargaining costs to two sources around earnings announcements: (1) improved access to dealers and (2) increased participation from institutional investors, who can more easily transact with multiple dealers. Overall, our findings highlight a novel channel through which firm-specific information affects asset prices.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Journal of Accounting Research BUSINESS, FINANCE-

CiteScore

7.80

自引率

6.80%

发文量

期刊介绍： The Journal of Accounting Research is a general-interest accounting journal. It publishes original research in all areas of accounting and related fields that utilizes tools from basic disciplines such as economics, statistics, psychology, and sociology. This research typically uses analytical, empirical archival, experimental, and field study methods and addresses economic questions, external and internal, in accounting, auditing, disclosure, financial reporting, taxation, and information as well as related fields such as corporate finance, investments, capital markets, law, contracting, and information economics.