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https://hdl.handle.net/2142/85538
Description
Title
Four Essays on Managerial Incentives
Author(s)
Mashayekhi, Farzad
Issue Date
2003
Doctoral Committee Chair(s)
Kevin F. Hallock
Department of Study
Economics
Discipline
Economics
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
Ph.D.
Degree Level
Dissertation
Keyword(s)
Economics, Finance
Language
eng
Abstract
"In chapter 4, we consider the unexpected share price reaction to corporate news announcements. We first consider whether there is more information content in similar corporate news announcements for different types of firms. Second, we investigate whether the value of news information about these firms has declined over time using a variety of empirical methods. We use 31 years of data on corporate dividend announcements, stock split announcements, and earnings announcements for a large set of U.S. firms to investigate these topics. The investigation of the entire distributions of returns using kernel density estimators rejects the ""news is no longer newsworthy"" idea."
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