The Relationship Between Earnings Events and Returns PDF Download

Author: Dashin Chou
Publisher:
ISBN: 9780493072319
Category :
Languages : en
Pages : 195

View

Book Description

Author: Dashin Chou
Publisher:
ISBN:
Category :
Languages : en
Pages : 218

View

Book Description

Author: Bjørn Espen Eckbo
Publisher: Elsevier
ISBN: 0080488919
Category : Business & Economics
Languages : en
Pages : 559

View

Book Description
Judging by the sheer number of papers reviewed in this Handbook, the empirical analysis of firms’ financing and investment decisions—empirical corporate finance—has become a dominant field in financial economics. The growing interest in everything “corporate is fueled by a healthy combination of fundamental theoretical developments and recent widespread access to large transactional data bases. A less scientific—but nevertheless important—source of inspiration is a growing awareness of the important social implications of corporate behavior and governance. This Handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues, ranging from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work. *The Handbooks in Finance series offers a broad group of outstanding volumes in various areas of finance *Each individual volume in the series should present an accurate self-contained survey of a sub-field of finance *The series is international in scope with contributions from field leaders the world over

Author: Douglas Hamilton Savage
Publisher:
ISBN:
Category :
Languages : en
Pages : 68

View

Book Description

Author: Jon A. Garfinkel
Publisher:
ISBN:
Category :
Languages : en
Pages : 40

View

Book Description
This paper examines the relationship between post-earnings announcement returns and different measures of volume at the earnings date. We find that post-event returns are strictly increasing in the component of volume that is unexplained by prior trading activity. We interpret unexplained volume as an indicator of opinion divergence among investors and conclude that post-event returns are increasing in ex-ante opinion divergence. Our evidence is consistent with Varian (1985) who suggests that opinion divergence may be treated as an additional risk factor affecting asset prices.

Author: Michael Nemtsev
Publisher:
ISBN:
Category :
Languages : en
Pages :

View

Book Description
This thesis examines the reaction of stock prices to higher or lower-than-expected announcements of quarterly earnings and future earnings guidance. Expectations are proxied by mean analyst forecasts. For the analysis, we employ an event study with a 41-day event window, daily observation interval and use the market model to calculate abnormal returns. We found that higher-than-expected announcements of current earnings occur more often, but reactions to lower-than-expected announcements are stronger. In contrast, we found that announcements of future earnings guidance and reactions towards them were balanced. In a comparison between reactions to current earnings and future earnings guidance, we found that return behaviour is more strongly related to future earnings guidance.

Author: Gita Rama Rao
Publisher:
ISBN:
Category : Stocks
Languages : en
Pages : 121

View

Book Description

Author: Peter Douglas Easton
Publisher:
ISBN: 9780646086972
Category : Stocks
Languages : en
Pages : 31

View

Book Description

Author: Jennifer Francis
Publisher: Now Publishers Inc
ISBN: 1601981147
Category : Business & Economics
Languages : en
Pages : 97

View

Book Description
This review lays out a research perspective on earnings quality. We provide an overview of alternative definitions and measures of earnings quality and a discussion of research design choices encountered in earnings quality research. Throughout, we focus on a capital markets setting, as opposed, for example, to a contracting or stewardship setting. Our reason for this choice stems from the view that the capital market uses of accounting information are fundamental, in the sense of providing a basis for other uses, such as stewardship. Because resource allocations are ex ante decisions while contracting/stewardship assessments are ex post evaluations of outcomes, evidence on whether, how and to what degree earnings quality influences capital market resource allocation decisions is fundamental to understanding why and how accounting matters to investors and others, including those charged with stewardship responsibilities. Demonstrating a link between earnings quality and, for example, the costs of equity and debt capital implies a basic economic role in capital allocation decisions for accounting information; this role has only recently been documented in the accounting literature. We focus on how the precision of financial information in capturing one or more underlying valuation-relevant constructs affects the assessment and use of that information by capital market participants. We emphasize that the choice of constructs to be measured is typically contextual. Our main focus is on the precision of earnings, which we view as a summary indicator of the overall quality of financial reporting. Our intent in discussing research that evaluates the capital market effects of earnings quality is both to stimulate further research in this area and to encourage research on related topics, including, for example, the role of earnings quality in contracting and stewardship.

Author: A. K. M. Abdul Mazid
Publisher:
ISBN:
Category : Corporation reports
Languages : en
Pages : 282

View

Book Description