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The informational feedback effect of stock prices on corporate disclosure

Author(s)
Zuo, Luo, Ph. D. Massachusetts Institute of Technology
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Other Contributors
Sloan School of Management.
Advisor
John Core and Ross Watts.
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M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission. http://dspace.mit.edu/handle/1721.1/7582
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Abstract
This paper studies whether managers use investor information they learn from the stock market when making forward-looking disclosures. Using annual management earnings forecasts from 1996 to 2010, I find that the association between forecast revisions and stock price changes over the revision periods is stronger when there is more informed trading. Further, the effect of investor information on the revision-return relation remains after controlling for various sources of managerial and public information, and is more pronounced when the information is more relevant to predicted earnings. In addition, more investor information contained in stock prices leads to a greater improvement in forecast accuracy but a weaker market reaction to the subsequent forecast announcement. My study highlights the two-way information flows between firms and capital markets and has implications for the real effects of financial markets.
Description
Thesis (Ph. D.)--Massachusetts Institute of Technology, Sloan School of Management, 2013.
 
Cataloged from PDF version of thesis.
 
Includes bibliographical references (p. 43-45).
 
Date issued
2013
URI
http://hdl.handle.net/1721.1/82277
Department
Sloan School of Management
Publisher
Massachusetts Institute of Technology
Keywords
Sloan School of Management.

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