We measure earnings informativeness using a ratio of the news arriving during the QEAs to that arriving during non-QEA periods, denoted as NEWS_RATIO and defined as 100 _ ABS(EAR)/<br>ABS(NEAR). The ratio expresses the absolute value of market-adjusted QEA returns, ABS(EAR), as a percentage of the absolute value of market-adjusted returns during non-QEA periods, ABS(NEAR).13
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