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Market Reaction to an Earnings Shock : A Test of the Conservatism Effect
Alwathainani, Abdulaziz M. - 2014
shock to quarterly earnings, firms ranking in the top (bottom) earnings shock quintile exhibit substantial price momentum … over the next three-month periods following the initial earnings shock. In the subsequent quarter, firms reporting earnings …
Persistent link: https://www.econbiz.de/10013068900
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Firm Complexity and Post-Earnings-Announcement Drift
Barinov, Alexander - 2020
We show that the post earnings announcement drift (PEAD) is stronger for conglomerates thansingle-segment firms. Conglomerates, on average, are larger than single segment firms, so it isunlikely that limits-to-arbitrage drive the difference in PEAD. Rather, we hypothesize that marketparticipants...
Persistent link: https://www.econbiz.de/10012856855
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Equity valuation based on a random process modelling of earnings and equity growth
Dube, Frederick; Barnard, Brian - In: Expert journal of economics 7 (2019) 1, pp. 1-31
The study reviews equity valuation, and proposes an alternative equity valuation model based on a random process modelling of earnings and equity growth. A Markov process is used to model earnings, standardized as earnings to book value, and book value based on rating category. This assumes a...
Persistent link: https://www.econbiz.de/10012062966
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The COVID-19 Shock and Equity Shortfall : Firm-Level Evidence from Italy
Carletti, Elena - 2020
We employ a representative sample of 80,972 Italian firms to forecast the drop in profits and the equity shortfall triggered by the COVID-19 lockdown. A 3-month lockdown generates an aggregate yearly drop in profits of about 10% of GDP, and 17% of sample firms, which employ 8.8% of the sample's...
Persistent link: https://www.econbiz.de/10012825960
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The COVID-19 Shock and Equity Shortfall : Firm-level Evidence from Italy
Carletti, Elena; Oliviero, Tommaso; Pagano, Marco; … - 2021
We forecast the drop in profits and the equity shortfall triggered by the COVID-19 lockdown, using a representative sample of 80,972 Italian firms. A 3-month lockdown entails an aggregate yearly drop in profits of about 10% of GDP and results in financial distress for 17% of the sample firms,...
Persistent link: https://www.econbiz.de/10013245220
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The COVID-19 Shock and Equity Shortfall : Firm-level Evidence from Italy
Carletti, Elena - 2020
We forecast the drop in profits and the equity shortfall triggered by the COVID-19 lockdown, using a representative sample of 80,972 Italian firms. A 3-month lockdown entails an aggregate yearly drop in profits of about 10% of GDP and results in financial distress for 17% of the sample firms,...
Persistent link: https://www.econbiz.de/10012832699
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The COVID-19 shock and equity shortfall : firm-level evidence from Italy
Carletti, Elena; Oliviero, Tommaso; Pagano, Marco; … - 2020
We employ a representative sample of 80,972 Italian firms to forecast the drop in profits and the equity shortfall triggered by the COVID-19 lockdown. A 3-month lockdown generates an aggregate yearly drop in profits of about 10% of GDP, and 17% of sample firms, which employ 8.8% of the sample's...
Persistent link: https://www.econbiz.de/10012259870
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Dynamic Response of Equity Market Returns to Corporate Profit Growth Shock
Sum, Vichet - 2013
This study investigates how returns on the S&P 500 (SP) dynamically respond to the aggregate corporate profit growth … (CP) shock. The results from running the VAR model using quarterly data from 1951Q4 to 2012Q4 shows that returns on the SP … significantly and positively respond to the CP shock instantly in the first quarter and retreat back to the zero territory …
Persistent link: https://www.econbiz.de/10013078332
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Dynamic Response of Market Dividend Yield and Price-to-Earnings Ratio to Corporate Profit Growth Shock
Sum, Vichet - 2014
corporate profit growth (CP) shock. Using the VAR model to analyze quarterly data from 1951Q4 to 2012Q4, the results show that … both DY and PE significantly drop immediately following the shock to the CP. The Granger-causality Wald tests show that CP …
Persistent link: https://www.econbiz.de/10013063364
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Effects of temporary earnings on dividends in Korea
Yun, Jeongsun; Park, Myung-Ho; Park, Dae-Keun - In: Applied economics letters 29 (2022) 21, pp. 2044-2046
Persistent link: https://www.econbiz.de/10013552927