This study examines information transfer regarding how investors react to new foreign macroeconomic and industry-related information embedded in foreign firms' earnings releases. Using non-U.S. firms listed in the U.S. as our main setting, we find that U.S. investors react significantly to foreign macroeconomic information and to information generated by the interaction between macroeconomic and industry-related information. We also find that the benefits (costs) of processing earnings reports increase (decrease) both types of information transfers. In addition, we find macroeconomic information transfers in an international cross-listing setting and both types of information transfers in an international non-cross-listing setting.

这项研究检查了有关投资者如何应对嵌入在外国公司收益发布中的新的外国宏观经济和与行业相关的信息的信息传递。以在美国上市的非美国公司为主要背景，我们发现美国投资者对外国宏观经济信息以及由宏观经济信息和行业相关信息之间的相互作用所产生的信息做出了重大反应。我们还发现处理收益报告的收益（成本）增加（减少）了两种类型的信息传输。此外，我们在国际交叉列表设置中发现了宏观经济信息转移，而在国际非交叉列表设置中发现了两种类型的信息转移。