222 News and abnormal returns
Figure 8.7.Revisions clusters by year (source: RavenPack, Factiva, FactSet, Macquarie Quant
Research).
Table 8.1.Revisions clusters by news type
No. of % of all % of % of all % of Average Standard
news news news with matched revisions duration deviation
items revisions revisions made of of
clusters within revisions revisions
2 days cluster cluster
(days) (days)Accounting-related 29,061 49 28 58 44 6.9 4.7
news
Strategic news 30,238 51 20 42 28 6.7 5.1
Earnings 10,404 18 43 31 56 7.3 4.7
Trading updates 2,173 4 25 4 43 6.3 4.7
Guidance 689 1 38 2 47 6.4 4.5
Corporate 3,684 6 19 5 27 6.5 4.9
governance
M&A-related 10,978 19 19 14 30 6.4 4.8
Restructuring 5,498 9 21 8 30 6.7 5.3
Product-related 9,014 15 22 14 26 7.0 5.3
Financial issues 15,079 25 18 19 25 6.5 4.5
Credit-rating news 716 1 24 1 37 6.6 5.2
Other news 1,064 2 18 1 32 6.3 4.9
Source: RavenPack, Factiva, FactSet, Macquarie Quant Research.