Earnings News and Over-the-Counter Markets
Harvard Corporate Governance
MARCH 15, 2024
We study how the arrival of firm-specific information during earnings announcements affects liquidity in over-the-counter (OTC) markets. Extensive research has found a decline in equity market liquidity during earnings announcements due to heightened information asymmetry. Bebchuk, Alma Cohen, and Scott Hirst. more…)
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