Date of Award
2021
Degree Type
Dissertation
Degree Name
Doctor of Philosophy (PhD)
Graduate Group
Accounting
First Advisor
Christopher Ittner
Abstract
I examine how complex prior disclosures influence investors’ pricing of current period earnings. To do so, I focus on firms’ disclosure of product innovations in voluntary new product announcements (NPAs) as prior complex disclosures that complement quarterly earnings releases. Using machine learning algorithms, I extract five different types of product-related information to measure NPA complexity. I find that when the complexity of prior NPAs increases, investors are more likely to differ in their abilities to use them to complement information released at the current earnings announcement, resulting in greater divergence.
Recommended Citation
Park, Stella, "Complex Disclosures And Investor Divergence At Earnings Announcements" (2021). Publicly Accessible Penn Dissertations. 4583.
https://repository.upenn.edu/edissertations/4583
Embargoed
Available to all on Friday, August 09, 2024Included in
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