| 简介： | Abstract: We document that firms are 80% more likely to issue non-earnings press releases during the earnings announcement period when delivering extremely negative earnings news. Non-earnings press releases are insufficient to improve negative announcement returns in isolation. However, if the media covers the non-earnings press release, announcement returns increase by about 6% followed by a partial reversal. Our results suggest that while the non-earnings press releases are value relevant, investors tend to overreact to the media reporting of the non-earnings news. These valuation effects are concentrated in small firms. |