Add to ORKGWe study how the arrival of macro-news affects the stock market’s ability to incorporate the information in firm-level earnings announcements. Existing theories suggest that macro and firm-level earnings news are attention substitutes; macro-news announcements crowd out firm-level attention, causing less efficient processing of firm-level earnings announcements. We find the opposite: the sensitivity of announcement returns to earnings news is 17% stronger, and post-earnings announcement drift 71% weaker, on macro-news days. This suggests a complementary relationship between macro and micro news that is consistent with either investor attention or information transmission channels
We investigate the impact of scheduled macroeconomic news announcements on the U.S. Treasury market'...
Recent studies have shown that announcements of US macroeconomic news had significant impact on Euro...
This paper investigates the usefulness of the real-time macroeconomic news-flow as a leading indicat...
We study how the arrival of macro-news affects the stock market’s ability to incorporate the informa...
Little is known about the reactions of daily returns on portfolios with different characteristics to...
Using firm-level data, we study how firm expectations adjust to news while accounting for a) the he...
Psychological evidence indicates that it is hard to process multiple stimuli and perform multiple ta...
This paper investigates heterogeneity in the market assessment of public macro-economic announcement...
We investigate the extent to which the scheduled release of macroeconomic indicators affects the acq...
In this paper, we characterize the relative importance of two sources of fundamental market-wide new...
This paper investigates the impact of the major US macroeconomic announcements on volatility and jum...
Information choice models predict that investors should prioritize the processing of aggregate over ...
There are probably only few other questions as central to economics as the question "How do market p...
This paper investigates how media coverage influences macroeconomic information processing at the bo...
This paper investigates heterogeneity in the market assessment of public macro- economic announcemen...
We investigate the impact of scheduled macroeconomic news announcements on the U.S. Treasury market'...
Recent studies have shown that announcements of US macroeconomic news had significant impact on Euro...
This paper investigates the usefulness of the real-time macroeconomic news-flow as a leading indicat...
We study how the arrival of macro-news affects the stock market’s ability to incorporate the informa...
Little is known about the reactions of daily returns on portfolios with different characteristics to...
Using firm-level data, we study how firm expectations adjust to news while accounting for a) the he...
Psychological evidence indicates that it is hard to process multiple stimuli and perform multiple ta...
This paper investigates heterogeneity in the market assessment of public macro-economic announcement...
We investigate the extent to which the scheduled release of macroeconomic indicators affects the acq...
In this paper, we characterize the relative importance of two sources of fundamental market-wide new...
This paper investigates the impact of the major US macroeconomic announcements on volatility and jum...
Information choice models predict that investors should prioritize the processing of aggregate over ...
There are probably only few other questions as central to economics as the question "How do market p...
This paper investigates how media coverage influences macroeconomic information processing at the bo...
This paper investigates heterogeneity in the market assessment of public macro- economic announcemen...
We investigate the impact of scheduled macroeconomic news announcements on the U.S. Treasury market'...
Recent studies have shown that announcements of US macroeconomic news had significant impact on Euro...
This paper investigates the usefulness of the real-time macroeconomic news-flow as a leading indicat...