Abstract
This thesis studies financial markets and the information we can obtain from observing the actions of financial market participants. In the first chapter, I study how the combination of different accounting ratios, which are considered to be the financial signals of future performance, can affect the analysts' and managers' earnings forecast releases.
In the second chapter, I examine whether trading activity responds to the industry-related earnings announcement and whether this activity is informative. In the third chapter (with Yuko Hashimoto), we study whether the EU member countries act as a single investor due to the stronger financial integration over recent years.