This paper examines the impact of earnings announcements and earnings forecast revisions on stock returns across markets with different levels of maturity. In each market, the objects of interest are the effects of backward-looking earnings announcement information and forward-looking earnings...

Models of financial economists including Karpoff (1986), Varian (1989), Holthausen and Verrecchia (1990), and Dontoh and Ronen (1993) have demonstrated that there are three distinct fundamental determinants of trading volume reaction to new information releases: first, the extent of differences...