Trois essais en finance d'entreprise
Investors often fail to incorporate all relevant information when they make decisions. This is a consequence of both information overload and investors’ limited cognitive abilities. The first essay shows that firms take advantage of investors’ inattention by managing the advance notice period of earnings announcements. Firms notify the date of positive earnings announcement several weeks in advance while disappointing earnings are notified at late notice. The second essay deals with firms’ international visibility and studies how communicating on English-speaking wire services impacts investors’ attention. Higher dissemination of news increases investors’ attention and improves the incorporation of information into stock prices. The third essay deals with the effects of firms’ visibility on investment policy. It shows that higher dissemination of disclosures improves firms’ informational environment and investment efficiency.
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