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What Do Earnings Announcements Tell Us about Investor Learning in Financial Markets?

Menssink, Stefan - 2012

We show that immediate and delayed abnormal returns following earnings announcement surprises differ across market states. Immediate abnormal returns are more sensitive to earnings surprises in down markets, while delayed abnormal returns are less sensitive; underreaction is attenuated in down...

Persistent link: https://www.econbiz.de/10013096116

Trust and Certification in Financial Markets : Evidence from Reactions to Earnings News

Wei, Chishen - 2019

We show that a lack of investor trust affects the revision of cash flow expectations and delays the incorporation of accounting information into the stock price. To overcome investors' dependence on trust, managers can obtain external certification—either through credit ratings or by employing...

Persistent link: https://www.econbiz.de/10012904810

Increased information content of earnings announcements in the 21st century : an empirical investigation

Beaver, William H.; McNichols, Maureen; Wang, Zach Z. - 2018

We examine the role of concurrent information in the striking increase in investor response to earnings announcements from 2001 to 2016, as measured by return variability and volume following Beaver (1968). We find management guidance, analyst forecasts, and disaggregated financial statement...

Persistent link: https://www.econbiz.de/10011873121

Financial Market Reactions to Earnings Announcements and Earnings Forecast Revisions : Evidence from the U.S. and China

Gift, Michael J. - 2010

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...

Persistent link: https://www.econbiz.de/10013138780

Value Relevance of Earnings, Book Value and Dividends in an Emerging Capital Market : Kuwait Evidence

Al-Hares, Osama Musa - 2018

This study examines the value relevance of book value, earnings and dividends for a sample of all non-financial firms listed on the Kuwait Stock Exchange (KSE) over the period 2003–2009. After controlling for the impact of the global financial crisis, empirical results provide evidence on the...

Persistent link: https://www.econbiz.de/10012930391

The Sophisticated and the Simple : The Profitability of Contrarian Strategies from a Portfolio Manager’s Perspective

Giamouridis, Daniel - 2013

Valuation signals have been among the most popular between equity portfolio managers. Given the large variation of techniques and theories with regard to how value is measured, this study investigates the efficacy of alternative value measures. We consider a cross section of simple and...

Persistent link: https://www.econbiz.de/10013094551

Profit Index - Pertinent Risk of Financial Investment

Kauffmann, Amitay - 2012

extrema events risk. Based on the newly proposed riskiness index by Aumann and Serrano (2008), we construct the PROFIT Index … complete order for all risk avers investors. We present a closed-form solution to the PROFIT Index, as a function of the return … moments. The PROFIT Index is dynamically calibrated to the market, becoming a live indicator suitable for investors perception …

Persistent link: https://www.econbiz.de/10013096329

Profitability of Oscillators Used in Technical Analysis for Financial Market

Naved, Mohd - 2015

This research paper aim to examine the profitability of various kinds of oscillator used in technical analysis on … that CCI outperform the remaining two oscillators in terms of profitability for S&P CNX NIFTY 50 Index …

Persistent link: https://www.econbiz.de/10013010826

The Role of Data Providers as Information Intermediaries

Schaub, Nic - 2017

This study investigates whether financial data providers serve as information intermediaries in capital markets. To this end, I examine whether the timeliness of earnings information disseminated by First Call (Thomson Reuters) affects the market's reaction to earnings announcements. I document...

Persistent link: https://www.econbiz.de/10012970658

Idiosyncratic coskewness and equity return anomalies

Chabi-Yo, Fousseni; Yang, Jun - 2010

In this paper, we show that in a model where investors have heterogeneous preferences, the expected return of risky assets depends on the idiosyncratic coskewness beta, which measures the co-movement of the individual stock variance and the market return. We find that there is a negative...

Persistent link: https://www.econbiz.de/10003981312

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