Journal of Accounting and Economics Vol. 17 No. 3 1994
Trading volume reactions to annual accounting earnings announcements
Abstract
This study provides empirical evidence regarding the effect of annual accounting earnings announcements on investors' trading behavior. We find that the magnitude of trading volume reaction is an increasing function of both the magnitude of the associated price reaction and the level of predisclosure information asymmetry. These results are consistent with Kim and Verrecchia's (1991a) theoretical trading volume proposition.
- DOI
- 10.1016/0165-4101(94)90031-0
- Volume
- 17
- Issue
- 3
- Pages
- 309-329
- Language
- en
- Sources
- bibtex:phds-export.bib openalex crossref