Using the Dow Jones Industrial Average Index record breaking days as a proxy for market wide attention, we show that as the aggregate stock market intensifies investor attention, stock market response to individual firms’ earnings announcements significantly increases. We hypothesize that there are many channels for the attention spill-over effect and document strong supportive evidence of one ...

This study examines whether earnings changes convey information in bond markets and finds a significant positive (negative) reaction to unexpected earnings increases (decreases). The results are consistetit whether earnings announcements precede or follow dividend announcements. Thus, earnings surprises convey information to bond markets and changes in firm value are split among bondholders and...

Logics of announcements are logics of knowledge to reason about agents that communicate by broadcasting interpreted messages. These logics are typically given a semantics in terms of updatable Kripke structures, which tend to be abstract. We revisit the semantics of logics of announcements and develop a concrete semantics using runs and systems. The advantage is that we can devise models that c...