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March 18, 2026The Accounting Review

The Effect of Informedness and Consensus on Price and Volume Behavior.

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Authors

RHRobert W. HolthausenRVRobert E. Verrecchia

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Overview

Explores how information releases impact price and volume behavior, highlighting economic implications.

Key Points

  • The aim is to analyze how informedness and consensus affect price changes and trading volume during information releases.
  • Developed a rational expectations model of competitive trading.
  • Identified informedness and consensus effects during information dissemination.
  • Assessed their influence on price changes and trading volume.
  • Informedness and consensus generally occur together when information is released.
  • Price changes and trading volume are significantly affected by both informedness and consensus.
  • There is a conceptual similarity in interpreting unexpected price changes and trading volume related to information releases.

Cite This Study

Holthausen et al. (1990) studied this question.

synapsesocial.com/papers/69ba425c4e9516ffd37a2933https://doi.org/10.2308/tar-9603274037
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