Pre-announcement and event-period private information

被引：261

作者：

Kim, O

Verrecchia, RE

机构：

[1] Univ Penn, Wharton Sch, Philadelphia, PA 19104 USA

[2] Univ Maryland, Robert H Smith Sch Business, College Pk, MD 20742 USA

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 1997年 / 24卷 / 03期

关键词：

capital markets; trading volume; announcements;

D O I：

10.1016/S0165-4101(98)00013-5

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Pre-announcement information is private information gathered in anticipation of a public disclosure. Event-period information is private information useful in conjunction with the announcement itself. Typically rational models of trade are based exclusively on one type of information. Such models are Less descriptive of real market settings and misspecified empirically. Therefore, we introduce a model of rational trade with both features and discuss its implications. (C) 1997 Elsevier Science B.V. All rights reserved.

引用

页码：395 / 419

页数：25

共 22 条

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