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Cited by 562

The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.

Pre-announcement and event-period private information

Open access
Kim, Oliver, Verrecchia, Robert E.·1997·Journal of Accounting and Economics

Abstract

Pre-announcement information is private information gathered in anticipation of a public disclosure. Event-period information is private information useful in conjunction with the announcement itself. Typically rational models of trade are based exclusively on one type of information. Such models are less descriptive of real market settings and misspecified empirically. Therefore, we introduce a model of rational trade with both features and discuss its implications.

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Cites

Show all 1 references

Research works printed but not linked: 19

  1. Abarbanell, 1995, Analysts’ forecasts as proxies for investor beliefs in empirical research, Journal of Accounting and Economics, 20, 31, 10.1016/0165-4101(94)00392-I · DOI · Paper page
  2. Atiase, 1994, Trading volume reactions to annual accounting earnings announcements: the incremental role of predisclosure information asymmetry, Journal of Accounting and Economics, 17, 309, 10.1016/0165-4101(94)90031-0 · DOI · Paper page
  3. Ball, 1991, Security returns around earnings announcements, The Accounting Review, 66, 718
  4. Barron, 1995, Trading volume and belief revisions that differ among individual analysts, The Accounting Review, 70, 581
  5. Demski, 1994, Market response to financial reports, Journal of Accounting and Economics, 17, 3, 10.1016/0165-4101(94)90003-5 · DOI · Paper page
  6. Dontoh, 1993, Information Content of Accounting Announcements, 68, 857
  7. Harris, 1993, Differences of opinion make a horse race, Review of Financial Studies, 6, 473, 10.1093/rfs/5.3.473 · DOI · Paper page
  8. Holthausen, 1990, The effect of informedness and consensus on price and volume behavior, The Accounting Review, 65, 191
  9. Indjejikian, 1991, The impact of costly information interpretation on firm disclosure decisions, Journal of Accounting Research, 29, 277, 10.2307/2491050 · DOI
  10. Kandel, 1995, Differential interpretation of public signals and trade in speculative markets, Journal of Political Economy, 103, 831, 10.1086/262005 · DOI · Paper page
  11. Karpoff, 1986, A theory of trading volume, Journal of Finance, 41, 1069, 10.1111/j.1540-6261.1986.tb02531.x · DOI · Paper page
  12. Kim, O., Verrecchia, R.E., 1991a. Trading volume and price reactions to public announcements. Journal of Accounting Research 29, 302–321. · DOI · Paper page
  13. Kim, O., Verrecchia, R.E., 1991b. Market reactions to anticipated announcements. Journal of Financial Economics, 30, 273–309. · DOI · Paper page
  14. Kim, 1994, Market liquidity and volume around earnings announcements, Journal of Accounting and Economics, 17, 41, 10.1016/0165-4101(94)90004-3 · DOI · Paper page
  15. Krinsky, 1996, Earnings announcements and the components of the bid–ask spread, Journal of Finance, 51, 1523
  16. Milgrom, 1982, Information, trade, and common knowledge, Journal of Economic Theory, 26, 17, 10.1016/0022-0531(82)90046-1 · DOI · Paper page
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  18. Varian, H.R., 1989. Differences of opinions in financial markets, Financial Risk: Theory, Evidence and Implications, Proceedings of the 11th Annual Economic Policy Conference of the Federal Reserve Bank of St. Louis, C. Stone (Ed.), Kulwer, Boston. · DOI · Paper page
  19. Ziebart, 1990, The association between consensus of beliefs and trading activity surrounding earnings announcements, The Accounting Review, 65, 477

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Metadata

Authors
Kim, O., & Verrecchia, R. E.
Venue
Journal of Accounting and Economics
Publisher
Elsevier BV
Published
1997-12
Volume
24
Issue
3
Pages
395-419
ISSN
0165-4101 (ISSN-L)
OpenAlex
W1998990073
Cited by
562
References
1
FWCI
4.04
Type
journal article
Language
en
Open access
hybrid
Licence

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CoChat. (2026). Citation check: Pre-announcement and event-period private information. https://app.cochat.ai/papers/10.1016/s0165-4101(98)00013-5
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Kim, O., & Verrecchia, R. E. (1997). Pre-announcement and event-period private information. Journal of Accounting and Economics. https://doi.org/10.1016/s0165-4101(98)00013-5

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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.