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Conference Paper: Earnings News, Managerial Talent, and Information Transfers
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TitleEarnings News, Managerial Talent, and Information Transfers
 
AuthorsYeung, E
Wang, X
 
Issue Date2012
 
PublisherThe American Accounting Association (AAA).
 
CitationThe 2012 Financial Accounting and Reporting Section (FARS) Midyear Meeting, Chicago, Illinois, USA, 6-7 January 2012 [How to Cite?]
 
AbstractWe 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.
 
DescriptionSession 5.5: Management Forecasts
 
DC FieldValue
dc.contributor.authorYeung, E
 
dc.contributor.authorWang, X
 
dc.date.accessioned2012-09-20T08:24:00Z
 
dc.date.available2012-09-20T08:24:00Z
 
dc.date.issued2012
 
dc.description.abstractWe 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.descriptionSession 5.5: Management Forecasts
 
dc.identifier.citationThe 2012 Financial Accounting and Reporting Section (FARS) Midyear Meeting, Chicago, Illinois, USA, 6-7 January 2012 [How to Cite?]
 
dc.identifier.hkuros206783
 
dc.identifier.urihttp://hdl.handle.net/10722/165799
 
dc.languageeng
 
dc.publisherThe American Accounting Association (AAA).
 
dc.publisher.placeUnited States
 
dc.relation.ispartofFinancial Accounting and Reporting Section (FARS) Midyear Meeting
 
dc.titleEarnings News, Managerial Talent, and Information Transfers
 
dc.typeConference_Paper
 
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<item><contributor.author>Yeung, E</contributor.author>
<contributor.author>Wang, X</contributor.author>
<date.accessioned>2012-09-20T08:24:00Z</date.accessioned>
<date.available>2012-09-20T08:24:00Z</date.available>
<date.issued>2012</date.issued>
<identifier.citation>The 2012 Financial Accounting and Reporting Section (FARS) Midyear Meeting, Chicago, Illinois, USA, 6-7 January 2012</identifier.citation>
<identifier.uri>http://hdl.handle.net/10722/165799</identifier.uri>
<description>Session 5.5: Management Forecasts</description>
<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.</description.abstract>
<language>eng</language>
<publisher>The American Accounting Association (AAA).</publisher>
<relation.ispartof>Financial Accounting and Reporting Section (FARS) Midyear Meeting</relation.ispartof>
<title>Earnings News, Managerial Talent, and Information Transfers</title>
<type>Conference_Paper</type>
<identifier.hkuros>206783</identifier.hkuros>
<publisher.place>United States</publisher.place>
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