摘要
针对于忠泊等人(2011)提出的媒体关注市场压力假设,文章从盈余信息市场反应的角度,进一步解释了市场压力的来源以及对管理者行为的影响。文章发现,媒体关注增加了短期内盈余信息的市场反应;降低了长期内的盈余公告后漂移程度;而且媒体关注的这种效应在外部市场化环境较差的地区更加显著。媒体关注对短期内盈余信息市场反应的放大效应,对长期内盈余信息传递效率的提升作用,正是管理者所面临的市场压力之一,媒体关注通过影响资本市场而发挥外部公司治理的功能。
From the perspective of market reaction to earnings, the paper further investigates the market pressusre hypothesis proposed by Yu et al (2011), illustrating the source of market pressure and the impact to managers. The result shows that meidia coverage augments the market response to earnings (ERC) in short term; alleviates the post earnings announcement drift (PEAD) in long term; and the effects are more prominent in firms located in areas with poor institutional environment. The augmentation effect to ERC and the alleviation effect to PEAD are the source of market pressure which plays the role of external corporate governance.
出处
《会计研究》
CSSCI
北大核心
2012年第9期40-51,96-97,共12页
Accounting Research
基金
国家自然科学基金(70772110
71102095)
教育部人文社会科学基金(08JA630068)
