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We constructed forecasts of earnings forecasts using data on 406 firms and forecasts made by 5419 individuals with on average 25 forecasts per individual. We verified previously found predictors, which are the average of the most recent available forecast for each forecaster and the difference...
Persistent link: https://www.econbiz.de/10011895745
This study examines the empirical relationship between unusual trading volume and earnings surprises in China´s A-share market. We provide evidence that an unusually low trading volume can signify negative information about firm fundamentals. Moreover, unusual trading volumes could predict...
Persistent link: https://www.econbiz.de/10012387154
) and abnormal changes in profit margins (ABPM) to measure the uncertainty embedded in the accounting earnings. I measure … ABG (ABPM) as the difference between the current value of sales growth rate (profit margin) and its benchmark, a weighted … value of the three preceding years’ sales growth rate (profit margin). Then, I quantify whether and to what extent the news …
Persistent link: https://www.econbiz.de/10012626688
The COVID-19 pandemic disrupts capital markets and confuses decision makers. This event represents an opportunity to better understand how financial analysts forecast earnings. We focus on forecasts for Real Estate Investment Trusts (REITs) in the United States, since REITs are relatively...
Persistent link: https://www.econbiz.de/10012628786
Using a large database of U.S. mergers and acquisitions (M&As) announced from 2010 through 2017, we examine the effects of capital ratio (leverage) on the announcement period stock price reaction as well as on longer-term stock returns and performance, for banks, making comparisons with...
Persistent link: https://www.econbiz.de/10013165300
Due to the non-normality of stock returns, nonparametric rank tests are gaining accceptance relative to parametric tests in financial economics event studies. In rank tests, financial assets’ multiple day cumulative abnormal returns (CARs) are replaced by cumulated ranks. This paper proposes...
Persistent link: https://www.econbiz.de/10013168738
This paper studies the effect of COVID-19 on the volatility of Australian stock returns and the effect of negative and positive news (shocks) by investigating the asymmetric nature of the shocks and leverage impact on volatility. We employ a generalised autoregressive conditional...
Persistent link: https://www.econbiz.de/10012622818
Recent academic studies document that open market share repurchase announcements in the United States generate significantly lower returns than those reported in earlier studies. We find that the lower announcement return is associated with an increasing number of subsequent announcements in the...
Persistent link: https://www.econbiz.de/10012322017
A highly-respected public recognition of supply chain management (SCM) excellence is the Supply Chain Top 25 List, published annually by AMR Research. By employing event study method, this study extensively examined stock market reactions to annual announcements of the AMR Supply Chain Top 25...
Persistent link: https://www.econbiz.de/10011961370
This study examines the impact of environmental regulation on the Singapore stock market using the event study methodology. Several asset pricing models are used to estimate sectoral abnormal returns. Additionally, we estimate the change in systematic risk after the introduction of the carbon...
Persistent link: https://www.econbiz.de/10012171392