STUDYING THE EFFECT OF INFORMATION RISK AND TRANSACTION COSTS ON STOCK MARKET REACTION TO EARNINGS NEWS

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GHAEMI MOHAMMAD HOSSEIN; TAGHIZADEH MOSTAFA

مرکز اطلاعات علمی Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

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Paper Information

Journal: THE IRANIAN ACCOUNTING AND AUDITING REVIEW Year:2016 | Volume:23 | Issue:2 Page(s): 235-252

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Title

STUDYING THE EFFECT OF INFORMATION RISK AND TRANSACTION COSTS ON STOCK MARKET REACTION TO EARNINGS NEWS

Author(s)

GHAEMI MOHAMMAD HOSSEIN | TAGHIZADEH MOSTAFA | Issue Writer Certificate

Keywords

FACTOR ANALYSISQ2

INFORMATION RISKQ2

MARKET REACTIONQ1

TRANSACTION COSTSQ1

Abstract

The role of information environment in price discovery of firms' stocks can be studied through INFORMATION RISK and TRANSACTION COSTS factors.Firms with higher INFORMATION RISK are those with less public information and more privately informed investors. This research focuses on studying the effect of INFORMATION RISK and TRANSACTION COSTS arose from information environment of the firm on investors’ reaction; so 2050 quarter-firm data has been analyzed quarterly in a 9 year period between 2006 to 2014. Zhang et al, (2013) model is used for hypothesis testing that includes FACTOR ANALYSIS for determining INFORMATION RISK variables and, analyzing the multivariable linear regression for hypothesis testing. The results of hypothesis testing demonstrate that higher INFORMATION RISK causes initial reaction of most of the investors to quarterly earnings announcements, but is not effective in subsequent reactions; also TRANSACTION COSTS have not effect on stock MARKET REACTION.

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APA: Copy

GHAEMI, MOHAMMAD HOSSEIN, & TAGHIZADEH, MOSTAFA. (2016). STUDYING THE EFFECT OF INFORMATION RISK AND TRANSACTION COSTS ON STOCK MARKET REACTION TO EARNINGS NEWS. THE IRANIAN ACCOUNTING AND AUDITING REVIEW, 23(2 ), 235-252. SID. https://sid.ir/paper/8057/en

Vancouver: Copy

GHAEMI MOHAMMAD HOSSEIN, TAGHIZADEH MOSTAFA. STUDYING THE EFFECT OF INFORMATION RISK AND TRANSACTION COSTS ON STOCK MARKET REACTION TO EARNINGS NEWS. THE IRANIAN ACCOUNTING AND AUDITING REVIEW[Internet]. 2016;23(2 ):235-252. Available from: https://sid.ir/paper/8057/en

IEEE: Copy

MOHAMMAD HOSSEIN GHAEMI, and MOSTAFA TAGHIZADEH, “STUDYING THE EFFECT OF INFORMATION RISK AND TRANSACTION COSTS ON STOCK MARKET REACTION TO EARNINGS NEWS,” THE IRANIAN ACCOUNTING AND AUDITING REVIEW, vol. 23, no. 2 , pp. 235–252, 2016, [Online]. Available: https://sid.ir/paper/8057/en

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