find on a daily basis, an abnormally high volatility only within one day following the overnight announcement. On an … intraday basis, a striking volatility spike stands out during the overnight period, implying that the earnings news is fully … reflected in the opening price. The continued high volatility during the first several minutes of trading seems to be driven by …

return volatility. Further, our results do not support the argument that a larger investor response to Street earnings might …

, stock return volatility around earnings releases increased, suggesting that the regulation improved the information flow. We …