Differential Information Content of Earnings Announcements PDF Download
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Author: Charles Edward Wasley
Publisher:
ISBN:
Category : Accounting and price fluctuations
Languages : en
Pages : 108
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Author: Charles Edward Wasley
Publisher:
ISBN:
Category : Accounting and price fluctuations
Languages : en
Pages : 108
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Book Description
Author: Christine X. Jiang
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
We study after-hours trading (AHT), price contributions, and price discovery following quarterly earnings announcements released outside of the normal trading hours. For Standard & Poor's (S&P) 500 index stocks from 2004-2008, AHT is heightened on announcement days. A significant portion of the price change and price discovery occurs immediately after the earnings releases. Prices in AHT show a large degree of informational efficiency, further demonstrating the importance of price discovery in AHT. We also provide evidence suggesting that firms prefer after-hours earnings announcements, as trades are mainly from informed traders, and those trades are relied upon to convey information to the general public.
Author: Jae-Oh Kim
Publisher:
ISBN:
Category : Disclosure in accounting
Languages : en
Pages : 210
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Book Description
Author: Gordon Douglas Richardson
Publisher: Ann Arbor, Mich. : University Microfilms International
ISBN:
Category : Accounting
Languages : en
Pages : 350
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Author: Jonathan A. Milian
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
I compare the information content of quarterly earnings guidance and quarterly earnings by examining their associations with current and future stock returns when the two signals are bundled at earnings announcements. At the bundled announcement, I find a significantly stronger association between announcement returns and guidance news. From the day after the bundled announcement through the next earnings announcement, both signals generate abnormal return drifts of about 200 basis points. However, the timing of the post-announcement returns differs considerably. For guidance, about 50% of the post-announcement drift occurs at the next earnings announcement. In contrast, for earnings, about 20% of the preceding drift reverses at the next earnings announcement. Investor ignorance of the drift following guidance news coupled with a fixation on post-earnings announcement drift potentially explains this surprising difference in the timing of the post-announcement returns. Overall, this study indicates that bundled quarterly earnings guidance contains more information than quarterly earnings and that investors incorrectly overweight the earnings news and underweight the guidance news during the post-announcement period until the next earnings announcement.
Author: Shu Yeh
Publisher:
ISBN:
Category : Corporation reports
Languages : en
Pages : 220
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Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Robert James Flautt
Publisher:
ISBN:
Category :
Languages : en
Pages : 128
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Book Description
Author: John Shon
Publisher: Pearson Education
ISBN: 0132659549
Category : Business & Economics
Languages : en
Pages : 23
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Book Description
This Element is an excerpt from Trading on Corporate Earnings News: Profiting from Targeted, Short-Term Options Positions (9780137084920) by John Shon, Ph.D., and Ping Zhou, Ph.D. Available in print and digital formats. Understand those crucial quarterly earning announcements: how they work, and how they impact stock prices. Quarterly earnings announcement are the most salient, most anticipated, regularly-recurring announcement that companies make. They are the most watched piece of information that comes directly from the people that know the business the best. They are also considered the most reliable source of information, largely because companies are subject to strict SEC Rule 10b-5 rules...
Author: Daniel W. Collins
Publisher:
ISBN:
Category :
Languages : en
Pages : 41
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Book Description
Landsman and Maydew (2002) document that the information content of earnings announcements has increased over the past three decades, and Francis, Schipper, and Vincent (2002) conclude that expanded concurrent disclosures in firms' earnings announcements, especially the inclusion of detailed income statements, explain this increase. We posit and find that the temporal increase in the intensity of the market's reaction to Street earnings offers a competing explanation for the Landsman and Maydew finding. We also find that expanded concurrent disclosure of GAAP-based information contributes to the temporal increase in the information content of earnings announcements. However, unlike Francis et al., we find that the temporal increase in concurrent balance sheet and cash flow statement information dominates concurrent income statement information once we control for Street earnings.
