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Relative Firm Profitability and Stock Return Sensitivity to Industry-Level News
Hao, Shengquan - 2011
This study provides theory and evidence to demonstrate how relative firm profitability within an industry affects stock …, and that (2) this inverse relation between relative profitability and return sensitivity is more pronounced when there is … the two fundamental factors that contribute to profitability – cost efficiency and market share – each exhibit an effect …
Persistent link: https://www.econbiz.de/10013128314
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Psychological barriers, expectational errors, and underreaction to news
Birru, Justin - 2014
This paper provides evidence that the 52-week high serves as a psychological barrier, inducing expectational errors and underreaction to news. Two clear predictions emerge and are confirmed in the data. First, nearness to a 52-week high induces expectational errors; evidence from earnings...
Persistent link: https://www.econbiz.de/10010353292
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Earnings Announcements, Miller’s Stocks and Private Investors – Trading Patterns and Performance
Etheber, Thomas - 2012
This paper investigates market-level and private investor trading patterns and performance around earnings announcements. We document clear evidence for abnormal trading around earnings announcements for both the entire market and households in Germany and observe that private investor...
Persistent link: https://www.econbiz.de/10013114290
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Time Will Tell : Information in the Timing of Scheduled Earnings News
Johnson, Travis L. - 2017
Using novel earnings calendar data, we show that firms' advanced scheduling of earnings announcement dates foreshadows their earnings news. Firms that schedule later-than-expected announcement dates subsequently announce worse news than those scheduling earlier-than-expected announcement dates....
Persistent link: https://www.econbiz.de/10012972886
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Earnings Announcement Idiosyncratic Volatility and the Cross-Section of Stock Returns
Truong, Cameron - 2015
We document a significant positive relation between earnings announcement idiosyncratic volatility and stock returns in the 10-day window before future earnings announcements. The average of risk-adjusted return differences between stocks with the highest earnings announcement idiosyncratic...
Persistent link: https://www.econbiz.de/10013009762
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A Surprise That Keeps You Awake : Overnight Returns After Earnings Announcements
Gamm, Fabian - 2020
I dissect stock returns after earnings announcements into their overnight and intraday components and document strong positive abnormal overnight returns for several weeks after both large positive and negative earnings surprises. This finding is in line with attention-induced buying pressure....
Persistent link: https://www.econbiz.de/10012850750
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Post Earnings Announcement Drift, a Price Signal?
Messias, Julien - 2015
This paper investigates the robustness of post-earnings-announcement-drift (PEAD) on a price signal perspective, unlike the traditional literature that focuses on fundamental signal. The studied period is 2003-2015, for four main US indices. The results suggest that some economic agents are too...
Persistent link: https://www.econbiz.de/10013021921
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Predictability of earnings and its impact on stock returns : evidence from India
Kundu, Sayantan; Banerjee, Aditya - In: Cogent economics & finance 9 (2021) 1, pp. 1-24
The purpose of this paper is to analyse the predictability of earnings information before the quarterly disclosure date. Two categories of firms are contrasted: the firms that announce better quarterly earnings than the prior period and the firms that do not. The paper uses a sample of 67...
Persistent link: https://www.econbiz.de/10013183853
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Stock Performance Subsequent to Combinations in Quarterly Revenue Surprise, Earnings Surprise, Guidance, Valuation, and Report Time
Alvarado, Jose - 2020
Finance literature highlights various reasons for stock performance subsequent to earnings announcements. However, other moving parts in these scenarios must also be simultaneously specified. While both revenue and earnings surprises are important for determining stock performance,...
Persistent link: https://www.econbiz.de/10012849035
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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