English Abstract: This study studies earnings seasonality induced stock market return seasonality over the period of … 2002-2018. The results show that firms with historically lower earnings in a fiscal quarter (“negative seasonality quarters …”) have higher abnormal returns upon future earnings announcements during the same fiscal quarter. After controlling risks …

informativeness of accounting earnings to explore the relationship between the informativeness of accounting earnings and investment … result indicates that investment cash flow sensitivity is irrelevant to the informativeness of accounting earnings itself for … sensitivity decreases as the informativeness of accounting earnings increases. In addition, the evidence also indicates that firms …