CREADY, WILLIAM M.; GURUN, UMIT G. - In: Journal of Accounting Research 48 (2010) 2, pp. 289-334
<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>This analysis identifies a distinct immediate announcement period negative relation between earnings announcement surprises and aggregate market returns. Such a relation implies that market participants use earnings information in forming expectations about expected aggregate discount...