Mr Ryan Erhard, University of Southern California, Marshall School of Business, Los Angeles (USC)
I hypothesise that investors view earnings announcements preceded by distant disclosure as being riskier than announcements preceded by recent disclosure. Consistent with this hypothesis, distant disclosing stocks have greater idiosyncratic jump risk at earnings announcements. Distant disclosing stocks also earn positive abnormal announcement returns, suggesting that investors anticipate the greater idiosyncratic jump risk and demand risk premium to hold these stocks at earnings announcements. Additional empirical tests drawing on the theoretical model in Merton (1987) support the investor pricing of idiosyncratic jump risk explanation.”
Speaker bio
Ryan is a PhD candidate in accounting at the University of Southern California who will defend his dissertation in May 2022. Ryan was inspired to pursue a PhD in accounting by his professors while attending the University of Illinois at Urbana-Champaign, and he hopes to similarly inspire students to pursue careers that utilise accounting information. His research primarily focuses on how firm-produced information impacts capital markets and has been published in Journal of Accounting Research and Journal of Accounting and Economics. Ryan strives to make his research relevant to investors, and his research has been covered by Institutional Investor and CFA Society Chicago podcast (forthcoming). When not researching or teaching, Ryan enjoys running, yoga, and cooking.
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Meeting ID: 859 5933 0728
Password: 433873
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Event timings
Date:
25 March 2022
Start Time:
15:15
End Time:
16:30