{"title":"无形资本和市场对盈利消息的反应*","authors":"Woosung Jung, Bong-Chan Kho","doi":"10.1111/ajfs.12352","DOIUrl":null,"url":null,"abstract":"<p>We investigate how market reactions to earnings news differ between U.S. firms with high and low intangible capital. We expect investors to have difficulty processing information on earnings news for firms with high intangible capital, leading to a larger reaction to earnings news. Measuring intangible capital as the accumulated sum of externally purchased and internally created intangible assets, we show that both immediate and delayed market reactions to earnings news are larger for high-intangible firms. Multivariate regressions and four-factor alphas support the results. This effect is more substantial for firms with limited investor attention and mainly driven by organization capital.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 1","pages":"81-105"},"PeriodicalIF":1.8000,"publicationDate":"2021-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Intangible Capital and Market Reactions to Earnings News*\",\"authors\":\"Woosung Jung, Bong-Chan Kho\",\"doi\":\"10.1111/ajfs.12352\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>We investigate how market reactions to earnings news differ between U.S. firms with high and low intangible capital. We expect investors to have difficulty processing information on earnings news for firms with high intangible capital, leading to a larger reaction to earnings news. Measuring intangible capital as the accumulated sum of externally purchased and internally created intangible assets, we show that both immediate and delayed market reactions to earnings news are larger for high-intangible firms. Multivariate regressions and four-factor alphas support the results. This effect is more substantial for firms with limited investor attention and mainly driven by organization capital.</p>\",\"PeriodicalId\":8570,\"journal\":{\"name\":\"Asia-Pacific Journal of Financial Studies\",\"volume\":\"51 1\",\"pages\":\"81-105\"},\"PeriodicalIF\":1.8000,\"publicationDate\":\"2021-12-20\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Asia-Pacific Journal of Financial Studies\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/ajfs.12352\",\"RegionNum\":4,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asia-Pacific Journal of Financial Studies","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/ajfs.12352","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Intangible Capital and Market Reactions to Earnings News*
We investigate how market reactions to earnings news differ between U.S. firms with high and low intangible capital. We expect investors to have difficulty processing information on earnings news for firms with high intangible capital, leading to a larger reaction to earnings news. Measuring intangible capital as the accumulated sum of externally purchased and internally created intangible assets, we show that both immediate and delayed market reactions to earnings news are larger for high-intangible firms. Multivariate regressions and four-factor alphas support the results. This effect is more substantial for firms with limited investor attention and mainly driven by organization capital.
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