研究期間：10108~10207;This study proposes two behavioral effects, asymmetric conservatism bias and creditability effect, to investigate the process of the market reaction to individual information contents and the joint implications of earnings surprises and revenue surprises. Asymmetric conservatism bias shows that investors underreact more to good news than bad news, leading asymmetric post-announcement-drifts. Creditability effect shows that decreasing uncertainty when two contemporaneous information variables point in the same direction leads a less conservatism bias and smaller post-announcement-drifts. By decomposing price reactions to the announcement into returns related to individual information contents and returns related to joint implication of two information variables, this study shows how the asymmetric conservatism bias and the creditability effect can explain the process of the market reaction to the multiple information contents.
