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Investor reaction to strategic emphasis on earnings numbers : an empirical study
Sadique, M. Shibley; Rahman, M. Arifur - In: Contemporary economics 7 (2013) 3, pp. 51-64
We analyze the earnings information and stock prices of S&P500 firms and find that investors following S&P500 stocks (i) respond more to pro forma earnings than to GAAP earnings, (ii) respond to an emphasis on pro forma earnings, and (iii) are fixated on pro forma earnings. We provide the first...
Persistent link: https://www.econbiz.de/10010228506
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Uncertainty of Information, Reaction of Investors and Post-Earnings Announcement Drift : Some Empirical Evidences from A-H Share Markets of China
Lu, Jing - 2010
By means of Event Study, Panel Data Regression and Feasible Generalized Least Squares, we discuss the influence of uncertainty of information on the Post-Earnings Announcement Drift. We find that there are not significant differences between the H-share financial statements and the A-share...
Persistent link: https://www.econbiz.de/10013139665
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The Role of Anchoring Bias in the Equity Market : Evidence from Analysts' Earnings Forecasts and Stock Returns
Cen, Ling - 2013
We test the implications of anchoring bias associated with forecast earnings per share (FEPS) for forecast errors, earnings surprises, stock returns, and stock splits. We find that analysts make optimistic (pessimistic) forecasts when a firm's FEPS is lower (higher) than the industry median....
Persistent link: https://www.econbiz.de/10013092369
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When Firms Talk, Do Investors Listen? The Role of Trust in Stock Market Reactions to Corporate Earnings Announcements
Pevzner, Mikhail - 2015
We examine whether the level of trust in a country affects investors' perception and utilization of information transmitted by firms through financial disclosure. Specifically, we investigate the effect of societal trust on investor reactions to corporate earnings announcements. We test two...
Persistent link: https://www.econbiz.de/10013036509
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Can Investors in the Stock Market Generate Profit from the Analysts? - An Empirical Analysis of Analysts' Signals Disseminated from the Bloomberg Terminal
Okada, Katsuhiko - 2013
profit trading on such signals, however, large size investment based on the same strategy becomes implausible due to the …
Persistent link: https://www.econbiz.de/10013080925
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A Catering Theory of Earnings Guidance : Empirical Evidence and Stock Market Implications
Lohmeier, Nils; Mohrschladt, Hannes - 2022
We propose and test a catering theory of earnings guidance. Managers cater to reference point dependent investor preferences by issuing excessively optimistic earnings forecasts if investors' stock returns since purchase are comparably low and vice versa. As predicted by our model, earnings...
Persistent link: https://www.econbiz.de/10014236663
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Asset price effects of peer benchmarking : evidence from a natural experiment
Acharya, Sushant; Pedraza, Alvaro - 2015
We estimate the effects of peer benchmarking by institutional investors on asset prices. To identify trades purely due … to peer benchmarking as separate from those based on fundamentals or private information, we exploit a natural experiment … component of demand that is caused by peer benchmarking. We find that these peer effects generate excess stock return volatility …
Persistent link: https://www.econbiz.de/10010514042
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The Timeliness of the Bond Market Reaction to Bad News Earnings Surprises
DeFond, Mark L. - 2011
The purpose of this study is to investigate how bondholders' limited upside potential impacts the timeliness of the bond market reaction to bad news earnings surprises. We find that bond prices anticipate the majority of the information in bad news earnings surprises, but none of the information...
Persistent link: https://www.econbiz.de/10013134548
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Evaluation of Management Earnings Forecast Error and Information Content of Accruals : Listed Companies in Tehran Stock Exchange
Moradzadehfard, Mehdi - 2012
Aim of this study is studying relation of management earnings forecast error and information content of accruals. Thus, the sample consists of 71 companies were selected for the period 2003-2011. In this study discretionary accruals is used as independent variables. The results suggest that...
Persistent link: https://www.econbiz.de/10013102949
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Aggregate Earnings News and Stock Market Returns : The Good, the Bad and the State-Dependent
Zolotoy, Leon - 2012
In this study we examine the stock market's reaction to aggregate earnings news. Prior research shows that, in contrast to individual-firm earnings, a) stock markets' response to aggregate earnings surprise is negative, consistent with aggregate earnings news being predominantly informative...
Persistent link: https://www.econbiz.de/10013104583