Paulo Alves () (Faculdade de Economia e Gestão, Universidade Católica Portuguesa (Porto) and Lancaster University) Peter Pope (Lancaster University) Steven Young () (Lancaster University)
Abstract
This paper reports evidence on cross-border accounting information transfers associated with profit warning announcements. Using a sample of firms from 29 European countries, we find that negative earnings surprises disclosed by firms in one country affect investors’ perceptions of comparable nonannouncing firms in other countries. The form and magnitude of cross-border effects is consistent with domestic transfers. Tests explaining variation in cross-border information transfers provide some (albeit rather limited) evidence that effects vary according to a range of firm-, industry- and country-level characteristics.
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