Author: Edwin Roger EtterPublisher:
ISBN:
Category :
Languages : en
Pages : 220
Book Description
The Information Content of British and Japanese Earnings Announcements
Author: Edwin Roger EtterThe Information Content of British and Japanese, Annual and Interim Earnings Announcements
Author: Edwin R. EtterPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
This paper utilizes daily closing prices on the U.S., British and Japanese markets, and daily trading volume on the U.S. market to investigate whether U.S. investors find information content in British and Japanese, annual and interim earnings announcements. When examining the unexpected price reaction, the vector autoregression (VAR) model is used to filter out the price effect of the earnings announcement in the home (non-U.S.) market in order to isolate the price effect generated by U.S. investors. Results of the price analyses indicate that U.S. investors find information content in both British and Japanese earnings announcements. Next, based on the model of Holthausen and Verrecchia (1990), price and trading volume responses are analyzed concurrently to determine the effect of the foreign earnings announcements on U.S. investors' level of informedness and degree of consensus (components of the information content). In general, the analyses indicate that both British and Japanese earnings announcements increase U.S. investors' level of informedness (i.e., decrease their level of uncertainty), and that British and Japanese earnings announcements have a greater impact on U.S. investors' level of informedness than on their degree of consensus.
Dissertation Abstracts International
Author: Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 644
Book Description
Transnational Equity Analysis
Author: Mark ClatworthyPublisher: John Wiley & Sons
ISBN: 0470861274
Category : Business & Economics
Languages : en
Pages : 200
Book Description
In-depth answers for professionals looking to accurately value foreign equities Transnational Equity Analysis is today's most thorough guide to its subject, examining and comparing the techniques used by top analysts and fund managers in the analysis of domestic and overseas equities. The book outlines the effects of international differences in disclosure and measurement rules and practices, examines how investors and analysts have discovered coping mechanisms for using fundamental analysis in an international context, and more. Mark Clatworthy (Cardiff, Wales) is a lecturer in the Cardiff Business School, UK.
The Information Content of Earnings Announcements
Author: Simone KellyThe Information Content of Quarterly Earnings
Author: Mungkorn ChatrdamrongthamPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
The Information Content of a Preliminary Earnings Announcement for Large and Small Firms
Author: Diane KeanePublisher:
ISBN:
Category : Corporations
Languages : en
Pages : 88
Book Description
Selective Disclosure
Author: William N. GoetzmannThe Information Content of Quarterly Earnings Announcements
Author: David Leroy DiamondPublisher:
ISBN:
Category : Financial statements
Languages : en
Pages : 150
Book Description
Effective Company Disclosure in the Digital Age
Author: Gill NorthPublisher: Kluwer Law International B.V.
ISBN: 9041168184
Category : Law
Languages : en
Pages : 386
Book Description
Effective corporate reporting and disclosure are critical in financial markets to promote vigorous competition, optimal performance, and transparency. This book examines whether existing disclosure frameworks in eight countries with the world's most significant securities exchanges achieve these objectives, and then, drawing on extensive empirical findings, identifies the policies and practices that contribute most to improving the overall quality of listed company reporting and communication. Contending that public disclosure of listed company information is an essential precondition to the long-term efficient operation of financial markets, the book provides analysis of such issues and topics as the following: - arguments for and against mandatory disclosure regimes; - key principles of periodic and continuous disclosure regulation; - tensions between direct and indirect investment in financial markets; - assumptions concerning the need to maintain a privileged role for financial intermediaries; - intermediary, analyst, and research incentives; - protection of individual investors; - selective disclosure; - disclosure of bad news; - the role of accounting standards; - public access to company briefings; - long term performance reporting and analysis; and - company reporting developments. A significant portion of the book provides an overview of disclosure regulation and practice in the United States, Canada, Germany, the United Kingdom, Japan, Hong Kong, Australia, and Singapore. A highly informative survey looks at company reports, disclosures, and websites of large listed companies, including Microsoft, Citigroup, Teck Resources, Deutsche Bank, BP, Sony, PetroChina Company, BHP Billiton, and Singapore Telecommunications. The book discusses common disclosure issues that arise across jurisdictions, provides valuable insights on the efficacy of existing disclosure regulation and practice, and highlights the important principles, processes, and practices that underpin best practice company disclosure frameworks. It will be welcomed by company boards and executives and their counsel, as well as by policymakers and scholars in the areas of corporate, securities, banking and financial law, accounting, economics and finance.