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dc.contributor.authorMoulton, Pamela
dc.contributor.authorLeow, Sarah
dc.description.abstractThis study examines how the release of multiple firms’ earnings announcements on the same day combines with human attention constraints to affect the trading of hospitality stocks. We document two opposing effects. We find that a rush of earnings announcements from nonhospitality firms leads to investor distraction and reduces the reaction of hospitality stocks to earnings news. Conversely, we find that multiple announcements by firms within the hospitality sector lead to increased investor focus and larger hospitality stock reactions to news. Our results show that multiple announcements can either diminish or enhance investors’ reactions to company news, which directly affects the incorporation of new information into hospitality stock prices.
dc.rightsRequired Publisher Statement: Copyright held by the authors.
dc.subjectinvestor distraction
dc.subjecthospitality stocks
dc.subjectearnings announcements
dc.subjectmarket efficiency
dc.titleEarnings Announcements and Investor Focus in the Hospitality Industry
dc.description.legacydownloadsMoulton16_Earnings_announcement_investor_focus.pdf: 213 downloads, before Aug. 1, 2020.
local.authorAffiliationMoulton, Pamela: Cornell University School of Hotel Administration
local.authorAffiliationLeow, Sarah: Cornell University

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