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Earnings news and small traders : An intraday analysis

dc.contributor.authorLee, Charles M. C.en_US
dc.date.accessioned2006-04-10T15:11:34Z
dc.date.available2006-04-10T15:11:34Z
dc.date.issued1992en_US
dc.identifier.citationLee, Charles M. C. (1992)."Earnings news and small traders : An intraday analysis." Journal of Accounting and Economics 15(2-3): 265-302. <http://hdl.handle.net/2027.42/30006>en_US
dc.identifier.urihttp://www.sciencedirect.com/science/article/B6V87-45DMN3S-H/2/964266dc4a4aaf9b34c425884f6030d5en_US
dc.identifier.urihttps://hdl.handle.net/2027.42/30006
dc.description.abstractThis study separates trading volume into buyer- and seller-initiated activities and examines the directional volume reaction in small and large trades to different types of earnings news. `Good' (`bad') news triggers brief, but intense, buying (selling) in the large trades. However, a persistent period of unusually high buying activity is observed in the small trades irrespective of the news. This anomalous proclivity of small traders to buy is robust across firm size, trading volume, and different earnings expectation models. Several explanations are discussed, although the behavior does not seem fully explained by existing theories.en_US
dc.format.extent2170952 bytes
dc.format.extent3118 bytes
dc.format.mimetypeapplication/pdf
dc.format.mimetypetext/plain
dc.language.isoen_US
dc.publisherElsevieren_US
dc.titleEarnings news and small traders : An intraday analysisen_US
dc.typeArticleen_US
dc.rights.robotsIndexNoFollowen_US
dc.subject.hlbtoplevelBusinessen_US
dc.description.peerreviewedPeer Revieweden_US
dc.contributor.affiliationumUniversity of Michigan, Ann Arbor, MI 48109-1234, USAen_US
dc.description.bitstreamurlhttp://deepblue.lib.umich.edu/bitstream/2027.42/30006/1/0000374.pdfen_US
dc.identifier.doihttp://dx.doi.org/10.1016/0165-4101(92)90021-Sen_US
dc.identifier.sourceJournal of Accounting and Economicsen_US
dc.owningcollnameInterdisciplinary and Peer-Reviewed


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