Author: Mark L. DeFond
Publisher:
ISBN:
Category :
Languages : en
Pages : 46
Book Description
We draw on the investor protection literature to identify structural factors in the financial reporting environment that are likely to explain cross-country differences in the information content of annual earnings announcements. Using data from over 50,000 annual earnings announcements in 26 countries, we find that annual earnings announcements are more informative in countries with higher quality earnings or better enforced insider trading laws, and that annual earnings announcements are less informative in countries with more frequent interim financial reporting. We also find that, on average, earnings announcements are more informative in countries with strong investor protection institutions.
Investor Protection and the Information Content of Annual Earnings Announcements
Author: Mark L. DeFond
Publisher:
ISBN:
Category :
Languages : en
Pages : 46
Book Description
We draw on the investor protection literature to identify structural factors in the financial reporting environment that are likely to explain cross-country differences in the information content of annual earnings announcements. Using data from over 50,000 annual earnings announcements in 26 countries, we find that annual earnings announcements are more informative in countries with higher quality earnings or better enforced insider trading laws, and that annual earnings announcements are less informative in countries with more frequent interim financial reporting. We also find that, on average, earnings announcements are more informative in countries with strong investor protection institutions.
Publisher:
ISBN:
Category :
Languages : en
Pages : 46
Book Description
We draw on the investor protection literature to identify structural factors in the financial reporting environment that are likely to explain cross-country differences in the information content of annual earnings announcements. Using data from over 50,000 annual earnings announcements in 26 countries, we find that annual earnings announcements are more informative in countries with higher quality earnings or better enforced insider trading laws, and that annual earnings announcements are less informative in countries with more frequent interim financial reporting. We also find that, on average, earnings announcements are more informative in countries with strong investor protection institutions.
A Theoretical and Empirical Investigation of the Information Content of Annual Earnings Announcements
Author: Gordon Douglas Richardson
Publisher: Ann Arbor, Mich. : University Microfilms International
ISBN:
Category : Accounting
Languages : en
Pages : 350
Book Description
Publisher: Ann Arbor, Mich. : University Microfilms International
ISBN:
Category : Accounting
Languages : en
Pages : 350
Book Description
The Information Content of Guidance and Earnings
Author: Jonathan A. Milian
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
I compare the information content of quarterly earnings guidance and quarterly earnings by examining their associations with current and future stock returns when the two signals are bundled at earnings announcements. At the bundled announcement, I find a significantly stronger association between announcement returns and guidance news. From the day after the bundled announcement through the next earnings announcement, both signals generate abnormal return drifts of about 200 basis points. However, the timing of the post-announcement returns differs considerably. For guidance, about 50% of the post-announcement drift occurs at the next earnings announcement. In contrast, for earnings, about 20% of the preceding drift reverses at the next earnings announcement. Investor ignorance of the drift following guidance news coupled with a fixation on post-earnings announcement drift potentially explains this surprising difference in the timing of the post-announcement returns. Overall, this study indicates that bundled quarterly earnings guidance contains more information than quarterly earnings and that investors incorrectly overweight the earnings news and underweight the guidance news during the post-announcement period until the next earnings announcement.
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
I compare the information content of quarterly earnings guidance and quarterly earnings by examining their associations with current and future stock returns when the two signals are bundled at earnings announcements. At the bundled announcement, I find a significantly stronger association between announcement returns and guidance news. From the day after the bundled announcement through the next earnings announcement, both signals generate abnormal return drifts of about 200 basis points. However, the timing of the post-announcement returns differs considerably. For guidance, about 50% of the post-announcement drift occurs at the next earnings announcement. In contrast, for earnings, about 20% of the preceding drift reverses at the next earnings announcement. Investor ignorance of the drift following guidance news coupled with a fixation on post-earnings announcement drift potentially explains this surprising difference in the timing of the post-announcement returns. Overall, this study indicates that bundled quarterly earnings guidance contains more information than quarterly earnings and that investors incorrectly overweight the earnings news and underweight the guidance news during the post-announcement period until the next earnings announcement.
Cross-sectional Differences in the Information Content of Annual Earnings Announcements
Author: Andrews Oppong
Publisher:
ISBN:
Category : Corporation reports
Languages : en
Pages : 139
Book Description
Publisher:
ISBN:
Category : Corporation reports
Languages : en
Pages : 139
Book Description
The Information Content of Annual Earnings Releases
Author: Linda Smith Bamber
Publisher:
ISBN:
Category : Investments
Languages : en
Pages : 452
Book Description
Publisher:
ISBN:
Category : Investments
Languages : en
Pages : 452
Book Description
Differential Information Content of Earnings Announcements
Author: Charles Edward Wasley
Publisher:
ISBN:
Category : Accounting and price fluctuations
Languages : en
Pages : 108
Book Description
Publisher:
ISBN:
Category : Accounting and price fluctuations
Languages : en
Pages : 108
Book Description
The Market Reaction to 10-K and 10-Q Filings to Subsequent Wall Street Journal Earnings Announcements
Author: Earl Kay Stice
Publisher:
ISBN:
Category : Corporation reports
Languages : en
Pages : 286
Book Description
Publisher:
ISBN:
Category : Corporation reports
Languages : en
Pages : 286
Book Description
Institutional Investors and the Information Content of Earnings Announcements
International Corporate Governance
Author: Kose John
Publisher: Emerald Group Publishing
ISBN: 0857249150
Category : Business & Economics
Languages : en
Pages : 210
Book Description
Presents research on corporate governance from a number of countries across the world, including the United States, Spain, Malaysia, Israel and others. This title examines many important corporate governance mechanisms, such as board characteristics, ownership structure, legal protection of shareholders, and annual general meetings.
Publisher: Emerald Group Publishing
ISBN: 0857249150
Category : Business & Economics
Languages : en
Pages : 210
Book Description
Presents research on corporate governance from a number of countries across the world, including the United States, Spain, Malaysia, Israel and others. This title examines many important corporate governance mechanisms, such as board characteristics, ownership structure, legal protection of shareholders, and annual general meetings.
Standardization of Financial Reporting and Accounting in Latin American Countries
Author: Lourenço, Isabel
Publisher: IGI Global
ISBN: 1466684542
Category : Business & Economics
Languages : en
Pages : 371
Book Description
Accounting has often been described as the language of business. As the increasing competition of overseas markets begins to affect even the smallest local companies, many more business professionals must become fluent in accounting principles and practice. Standardization of Financial Reporting and Accounting in Latin American Countries highlights the recent move to International Financial Reporting Standards (IFRS) and addresses some of the concerns raised due to cultural differences and the level of enforcement of these standards in separate countries. Describing the evolution of both financial and managerial accounting due to the adoption of IFRS, this book is an essential reference source for both students and seasoned professionals in the fields of accounting, finance, and related management fields, especially those with an international emphasis.
Publisher: IGI Global
ISBN: 1466684542
Category : Business & Economics
Languages : en
Pages : 371
Book Description
Accounting has often been described as the language of business. As the increasing competition of overseas markets begins to affect even the smallest local companies, many more business professionals must become fluent in accounting principles and practice. Standardization of Financial Reporting and Accounting in Latin American Countries highlights the recent move to International Financial Reporting Standards (IFRS) and addresses some of the concerns raised due to cultural differences and the level of enforcement of these standards in separate countries. Describing the evolution of both financial and managerial accounting due to the adoption of IFRS, this book is an essential reference source for both students and seasoned professionals in the fields of accounting, finance, and related management fields, especially those with an international emphasis.