This study analyzed whether information containment/transfer exists between investing firms and investee firms in relation to the investee firms' earnings announcements. Earnings announcements by investee firms are found to convey not only information that revalues the investing firm's investment assets through changes in the investee firm's stock price, but also information about the economic conditions of the investing firm that may affect the investing firm's future cash flows. Moreover, information transfer is strongly observed when the investing firm can exercise control over the investee firm. These results do not appear to be driven by specific earnings forecasting models, linearity assumptions, the timing of information transfer coefficient estimation, or concentration and confounding effects.