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Corporate Earnings Announcements And Economic Activity

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  • Mirela S. Miescu
  • Haroon Mumtaz

Abstract

Are corporate earnings (CE) announcements important for economic activity? We address this question using a novel identification method that combines the valuable information from CE announcements with the heteroscedasticity of shocks experienced on these particular days. Our results demonstrate that CE announcements have a significant impact on the macroeconomy, exhibiting dynamics similar to traditional financial disruptions. We establish that CE announcements' shocks can be classified as financial shocks, highlighting their critical role in the financial system.

Suggested Citation

  • Mirela S. Miescu & Haroon Mumtaz, 2024. "Corporate Earnings Announcements And Economic Activity," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 65(4), pages 1777-1793, November.
    • Handle: RePEc:wly:iecrev:v:65:y:2024:i:4:p:1777-1793
    DOI: 10.1111/iere.12701
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