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Conference Paper: Earnings News, Managerial Talent, and Information Transfers
| Title | Earnings News, Managerial Talent, and Information Transfers |
|---|---|
| Authors | |
| Issue Date | 2012 |
| Publisher | The American Accounting Association (AAA). |
| Citation | The 2012 Financial Accounting and Reporting Section (FARS) Midyear Meeting, Chicago, Illinois, USA, 6-7 January 2012 How to Cite? |
| Abstract | We examine whether earnings news triggers significant information transfers between
firms linked by managerial talent. We find that the stock prices of a firm are positively
associated with the news in the management forecasts issued by another firm that hires its
CEO as an outside independent director (i.e., the advisee). Consistent with a market
learning process, we find that the strength of information transfers is a function of the
perceived influence of the CEO as an outside director as well as the uncertainty about CEO
ability. Analyses on pseudo firms rule out any potential industry linkages as an alternative
explanation. Supplemental evidence of reverse information transfers further confirms the
learning effects. |
| Description | Session 5.5: Management Forecasts |
| Persistent Identifier | http://hdl.handle.net/10722/165799 |
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.author | Yeung, E | en_US |
| dc.contributor.author | Wang, X | en_US |
| dc.date.accessioned | 2012-09-20T08:24:00Z | - |
| dc.date.available | 2012-09-20T08:24:00Z | - |
| dc.date.issued | 2012 | en_US |
| dc.identifier.citation | The 2012 Financial Accounting and Reporting Section (FARS) Midyear Meeting, Chicago, Illinois, USA, 6-7 January 2012 | en_US |
| dc.identifier.uri | http://hdl.handle.net/10722/165799 | - |
| dc.description | Session 5.5: Management Forecasts | - |
| dc.description.abstract | We examine whether earnings news triggers significant information transfers between firms linked by managerial talent. We find that the stock prices of a firm are positively associated with the news in the management forecasts issued by another firm that hires its CEO as an outside independent director (i.e., the advisee). Consistent with a market learning process, we find that the strength of information transfers is a function of the perceived influence of the CEO as an outside director as well as the uncertainty about CEO ability. Analyses on pseudo firms rule out any potential industry linkages as an alternative explanation. Supplemental evidence of reverse information transfers further confirms the learning effects. | - |
| dc.language | eng | en_US |
| dc.publisher | The American Accounting Association (AAA). | - |
| dc.relation.ispartof | Financial Accounting and Reporting Section (FARS) Midyear Meeting | en_US |
| dc.title | Earnings News, Managerial Talent, and Information Transfers | en_US |
| dc.type | Conference_Paper | en_US |
| dc.identifier.email | Wang, X: wangxacy@hku.hk | en_US |
| dc.identifier.authority | Wang, X=rp01555 | en_US |
| dc.identifier.hkuros | 206783 | en_US |
| dc.publisher.place | United States | - |