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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 …-looking earnings announcement information and forward-looking earnings forecast information on the price of equity shares. We analyze … availability and actual or perceived reliability affect this relationship. We find that forward-looking analyst forecast …
Persistent link: https://www.econbiz.de/10013138780
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The Effect of Legal Environment on Voluntary Disclosure : Evidence from Management Earnings Forecasts Issued in U.S. And Canadian Markets
Baginski, Stephen P.; Hassell, John M.; Kimbrough, … - 2014
voluntarily disclose management earnings forecasts, and (2) higher forecast disclosure frequencies in periods of bad news. We … provide evidence on how management earnings forecast disclosure differs between the United States (U.S.) and Canada, two … create a far less litigious environment than exists in the U.S. We find a greater frequency of management earnings forecast …
Persistent link: https://www.econbiz.de/10014126749
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Changing Times, Changing Values : A Historical Analysis of Sectors within the US Stock Market 1872-2013
Bunn, Oliver - 2014
We construct a price, dividend, and earnings series for the Industrials sector, the Utilities sector, and the Railroads sector from the beginning of the 1870s until the beginning of the year 2013 from primary sources. To infer about mispricings in the sector markets over more than a century, we...
Persistent link: https://www.econbiz.de/10013052818
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Is the U.S. Unique? International Evidence on the Aggregate Earnings-Returns Association
Gallo, Lindsey A. - 2018
We exploit differences in institutional and macroeconomic environments to shed light on what drives variation in the aggregate earnings-returns relation over time within the U.S. and across countries. We find that both intertemporal and cross-country variation in the aggregate earnings-returns...
Persistent link: https://www.econbiz.de/10012919193
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Mutual fund flows, expected returns, and the real economy
Jank, Stephan - 2011 - First draft: December 4, 2010, This draft: February 7, 2011
The paper explores whether the co-movement of market returns and equity fund flows can be explained by a common response to macroeconomic news. I find that variables that predict the real economy as well as the equity premium are related to mutual fund flows. Changes in dividend-price ratio...
Persistent link: https://www.econbiz.de/10008902922
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The Attributes, Behavior, and Performance of U.S. Mutual Funds
Connor, Gregory - 2011
This article examines the risk and return characteristics of U.S. mutual funds. We employ an equilibrium version of the Arbitrage Pricing Theory (APT) and a principal-components-based statistical technique to identify performance benchmarks. We also consider the Capital Asset Pricing Model...
Persistent link: https://www.econbiz.de/10013119222
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The Performance of US Bond Mutual Funds
Clare, Andrew - 2019
We evaluate the performance of the US bond mutual fund industry using a comprehensive sample of bond funds over a long time period from January 1998 to February 2017. In this one study, we examine bond fund selectivity, market timing and performance persistence. We evaluate bond funds relative...
Persistent link: https://www.econbiz.de/10012890281
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Learning from Noise? Price and Liquidity Spillovers Around Mutual Fund Fire Sales
Honkanen, Pekka - 2019
We study the extent of cross-asset learning in financial markets by examining spillover effects around mutual fund fire sales. We find that the well-documented impact-reversal pattern for the returns of fire sale stocks (e.g., Coval and Stafford, 2007) spills over onto the stock returns of...
Persistent link: https://www.econbiz.de/10012899156
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Demographics and industry returns
Della Vigna, Stefano; Pollet, Joshua M. - In: The American economic review 97 (2007) 5, pp. 1667-1702
Persistent link: https://www.econbiz.de/10003625023
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Investor reactions to contrasts between the earnings preannouncements of peer firms
Maletta, Mario J.; Zhang, Yue May - In: Contemporary accounting research : a journal of the … 29 (2012) 2, pp. 361-381
Persistent link: https://www.econbiz.de/10009570247