A New Approach to Studying Earnings Announcement Timing PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download A New Approach to Studying Earnings Announcement Timing PDF full book. Access full book title A New Approach to Studying Earnings Announcement Timing by Suzie Noh. Download full books in PDF and EPUB format.
Author: Suzie Noh Publisher: ISBN: Category : Languages : en Pages : 39
Book Description
This study provides evidence on firms' incentives to strategically time their earnings announcements. I propose and implement a novel approach to isolating the impact of the relative ordering of different firms' earnings announcements on market outcomes. This approach relies on quasi-exogenous variation in the relative timing of earnings announcements driven by the specific day-of-week on which a calendar month begins. I refer to the resulting variation in firms' relative timing as 'calendar rotations,' which are uncorrelated with various earnings- and market-based proxies for the news content of firms' announcements. I show firms whose earnings announcements are moved forward due to calendar rotations receive greater media coverage of earnings news, experience less preemption of earnings news, and display larger earnings response coefficient (ERC). Together, these results suggest one reason why managers accelerate good-news announcements and delay bad-news announcements is that doing so influences the extent of media exposure and the speed of stock price discovery to their advantage.
Author: Suzie Noh Publisher: ISBN: Category : Languages : en Pages : 39
Book Description
This study provides evidence on firms' incentives to strategically time their earnings announcements. I propose and implement a novel approach to isolating the impact of the relative ordering of different firms' earnings announcements on market outcomes. This approach relies on quasi-exogenous variation in the relative timing of earnings announcements driven by the specific day-of-week on which a calendar month begins. I refer to the resulting variation in firms' relative timing as 'calendar rotations,' which are uncorrelated with various earnings- and market-based proxies for the news content of firms' announcements. I show firms whose earnings announcements are moved forward due to calendar rotations receive greater media coverage of earnings news, experience less preemption of earnings news, and display larger earnings response coefficient (ERC). Together, these results suggest one reason why managers accelerate good-news announcements and delay bad-news announcements is that doing so influences the extent of media exposure and the speed of stock price discovery to their advantage.
Author: Sherwood Lambert Publisher: ISBN: Category : Languages : en Pages : 8
Book Description
We utilize Compustat quarterly data and earnings announcement dates to study how the time from the end of firms' quarters to the announcement of the firm's earnings has varied, on average, during 2005-2015. In addition, we study how the advent of XBRL may have affected the timeliness of firms' earnings announcements during the post-XBRL era (2012-2015) as compared to the per-XBRL era (2005-2008). In addition, we manually collect data from 2015 first, second, and third quarter 8-K earnings announcements and subsequent 10-Q quarterly financial statements filed on the SEC website. We then compare the data reported in the 8-K earnings announcements to the data reported in the subsequent 10-Q financial statements to assess the consistence between earnings announcements data and the corresponding financial statement data.
Author: Joshua Livnat Publisher: ISBN: Category : Languages : en Pages :
Book Description
This study examines the value relevance of the timing of earnings announcement dates relative to prior expectations. It shows that when firms advance their earnings announcements at least four days prior to expectations, the earnings surprises in those quarters tend to be positive and the abnormal returns from two days after the earnings release date was announced through one day after earnings are actually announced are positive and significant. The converse is true for firms that delay their earnings announcement at least four days relative to prior expectations. The study also shows that firms which delay their earnings release date at least four days after previously setting the date earlier are characterized by both negative earnings surprises and abnormal returns from the delay announcements through one day after the actual earnings announcement date. These results can be used by investors to earn abnormal returns, by security analysts in revising their forecasts, and by option traders when earnings announcement dates cross option expiration dates.
Author: Rob J Hyndman Publisher: OTexts ISBN: 0987507117 Category : Business & Economics Languages : en Pages : 380
Book Description
Forecasting is required in many situations. Stocking an inventory may require forecasts of demand months in advance. Telecommunication routing requires traffic forecasts a few minutes ahead. Whatever the circumstances or time horizons involved, forecasting is an important aid in effective and efficient planning. This textbook provides a comprehensive introduction to forecasting methods and presents enough information about each method for readers to use them sensibly.
Author: Heather M. Anderson Publisher: ISBN: Category : Languages : en Pages : 50
Book Description
Givoly (1985) provides formal evidence on the relation between the past history of earnings and their own forecast. Our study uses a new methodology, modified Granger causality tests, to further analyze the information flows between earnings and forecasts. Our application of this widely acclaimed time series approach complements existing cross-sectional studies by abstracting from stock market reactions to information, and focusing on the dynamic interaction between reported earnings and analysts' forecasts. Based on long time series of analyst earnings forecasts and reported earnings, we provide formal and compelling evidence of bi-directional causality. Further, we report that the lag structure in information flows is longer than has been documented in the previous literature. This is consistent with our expectation that, in addition to past earnings reports, the forecasts themselves make a significant contribution to the information that is reflected in future earnings. However, the presence of feedback also suggests that past earnings reports as well as past forecasts are incorporated into later forecasts. Collectively, our findings imply that the information in earnings reports has inherent positive value and that forecasts do not fully substitute for earnings releases.
Author: Leonard Zacks Publisher: John Wiley & Sons ISBN: 1118127765 Category : Business & Economics Languages : en Pages : 352
Book Description
Investment pioneer Len Zacks presents the latest academic research on how to beat the market using equity anomalies The Handbook of Equity Market Anomalies organizes and summarizes research carried out by hundreds of finance and accounting professors over the last twenty years to identify and measure equity market inefficiencies and provides self-directed individual investors with a framework for incorporating the results of this research into their own investment processes. Edited by Len Zacks, CEO of Zacks Investment Research, and written by leading professors who have performed groundbreaking research on specific anomalies, this book succinctly summarizes the most important anomalies that savvy investors have used for decades to beat the market. Some of the anomalies addressed include the accrual anomaly, net stock anomalies, fundamental anomalies, estimate revisions, changes in and levels of broker recommendations, earnings-per-share surprises, insider trading, price momentum and technical analysis, value and size anomalies, and several seasonal anomalies. This reliable resource also provides insights on how to best use the various anomalies in both market neutral and in long investor portfolios. A treasure trove of investment research and wisdom, the book will save you literally thousands of hours by distilling the essence of twenty years of academic research into eleven clear chapters and providing the framework and conviction to develop market-beating strategies. Strips the academic jargon from the research and highlights the actual returns generated by the anomalies, and documented in the academic literature Provides a theoretical framework within which to understand the concepts of risk adjusted returns and market inefficiencies Anomalies are selected by Len Zacks, a pioneer in the field of investing As the founder of Zacks Investment Research, Len Zacks pioneered the concept of the earnings-per-share surprise in 1982 and developed the Zacks Rank, one of the first anomaly-based stock selection tools. Today, his firm manages U.S. equities for individual and institutional investors and provides investment software and investment data to all types of investors. Now, with his new book, he shows you what it takes to build a quant process to outperform an index based on academically documented market inefficiencies and anomalies.
Author: John P. Kotter Publisher: John Wiley & Sons ISBN: 1119815886 Category : Business & Economics Languages : en Pages : 43
Book Description
Transform your organization with speed and efficiency using this insightful new resource Incremental improvement is no longer sufficient in helping organizations navigate the complexity, uncertainty and volatility of today's world. In Change: How Organizations Achieve Hard-to-Imagine Results in Uncertain and Volatile Times, authors John P. Kotter, Vanessa Akhtar, and Gaurav Gupta explore how to create non-linear, dramatic change in your organization. You'll discover the emerging science of change that teaches us about how to build organizations – from businesses to governments – that change and adapt rapidly. In Change you'll discover: Why the ability of organizations to deal with threats and take advantage of opportunities in the face of ever greater complexity and uncertainty is being severely challenged In-depth, evidence-based, actionable solutions for dealing with institutional resistance to change Case studies and success stories that describe organizations who have successfully built the ability to change quickly into their DNA A universal approach for how to dramatically improve outcomes from various change efforts, including: strategy execution, digital transformation, restructuring, and more Perfect for managers, executives, and leaders at companies of all types and sizes, Change will also prove to be a valuable asset to other professionals who serve these organizations. This book is for anyone seeking a proven approach for delivering fast, sustainable and comprehensive results.
Author: Suzie Noh
Author: Suzie Noh
Author: Sherwood Lambert
Author: Carmen M. Reinhart
Author: Joshua Livnat
Author: Rob J Hyndman
Author: Clarence H. Gillett
Author: Heather M. Anderson
Author: 
Author: Leonard Zacks
Author: John P. Kotter