Interim Versus Fourth Quarter Aggregate Earnings-return Relations PDF Download
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Author: Ting He
Publisher:
ISBN:
Category : Capital investments
Languages : en
Pages : 272
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Book Description
Prior literature documents that the fourth quarter earnings and the stock market's reactions to fourth quarter earnings news differ from those of interim quarters at the firm level. This study examines whether differential market reactions to quarterly earnings news at the firm level extend to the market level. In contrast to previous firm-level findings, I find that aggregate fourth quarter earnings-return relations are stronger than aggregate interim quarter earnings-return relations. Specifically, aggregate fourth quarter earnings are negatively related to contemporaneous market returns, but there is little evidence for interim quarter earnings. In addition, the positive predictive content of annual accruals is driven by aggregate fourth quarter accruals.
Author: Ting He
Publisher:
ISBN:
Category : Capital investments
Languages : en
Pages : 272
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Book Description
Prior literature documents that the fourth quarter earnings and the stock market's reactions to fourth quarter earnings news differ from those of interim quarters at the firm level. This study examines whether differential market reactions to quarterly earnings news at the firm level extend to the market level. In contrast to previous firm-level findings, I find that aggregate fourth quarter earnings-return relations are stronger than aggregate interim quarter earnings-return relations. Specifically, aggregate fourth quarter earnings are negatively related to contemporaneous market returns, but there is little evidence for interim quarter earnings. In addition, the positive predictive content of annual accruals is driven by aggregate fourth quarter accruals.
Author: Jason Lee
Publisher:
ISBN:
Category :
Languages : en
Pages :
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This study investigates intraday patterns of quarterly return-earnings relations. We find that fourth quarter announcements exhibit a lower earnings response coefficient but a more rapid adjustment to new equilibrium levels of prices and a higher R2 than interim quarter announcements. While prior short event window studies document that interim quarter earnings have greater explanatory power than fourth quarter earnings or annual earnings, our analysis indicates that the prior results may be driven by the use of two-day event window that is much wider than what it takes for the market to adjust to fourth quarter announcements.
Author: United States. National Labor Relations Board
Publisher:
ISBN:
Category : Labor laws and legislation
Languages : en
Pages : 1510
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Category :
Languages : en
Pages : 1516
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ISBN:
Category :
Languages : en
Pages : 120
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Author: Lakshmanan Shivakumar
Publisher:
ISBN:
Category :
Languages : en
Pages : 16
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Book Description
Anilowski, Feng and Skinner (Journal of Accounting and Economics, 2006, this issue) examine the relationship between aggregate earnings guidance, aggregate earnings news and market returns. They provide evidence that changes in aggregate proportions of downward or upward earnings guidance are associated with aggregate earnings news and weakly associated with market returns. However, the study is unable to establish causality or the precise nature of the relationship between aggregate earnings guidance and market returns. To better understand the relationship, this paper analyses the relation between aggregate earnings, stock market returns and the macroeconomy. I empirically document that aggregate earnings primarily contain information about future inflation. This inflation information in aggregate earnings causes aggregate earnings to be negatively correlated with stock returns. The paper concludes with suggestions for future research.
Author: United States. Congress. Senate. Committee on Finance
Publisher:
ISBN:
Category : Finance, Public
Languages : en
Pages : 1682
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Author: United States. Congress. Senate. Committee on Governmental Affairs. Subcommittee on Reports, Accounting, and Management
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 2204
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Author:
Publisher: Government Printing Office
ISBN: 9780160678301
Category : Business & Economics
Languages : en
Pages : 1336
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NOTE: NO FURTHER DISCOUNT FOR THIS PRINT PRODUCT --OVERSTOCK SALE -- Significantly reduced list price while supplies last Includes the decisions and orders of the Board, a table of cases, and a cross reference index from the advance sheet numbers to the volume page numbers. Labor management attornes, labor union attorneys, employees, human resources personnel, and students pursuing law degrees may be interested in this volume. Some of the cases cited within this volume include the following: 12/19/2001 Issuance Date -- Concrete Co. (15-CA-016039 Case Number) 12/14/12201 Issuance Date -Alter Barge Lines, Inc. (26-CA-018645 Case Number) 12/14/2001 Issuance Date -Ingram Barge Co. (26-CA-018649 Case Number) 12/14/2001 Issuance Date - MJM Studios of New York (34-RC-001881 Case Number) 10/31/2001 Issuance Date -- Pearson Educaiton, Inc. (25-CA-026182 Case Number) 9/28/2001 Issuance Date --Wild Oats Community Markets (14-CA-024815 Case Number) 9/28/2001 Issuance Date--Steelworkers Local 9292 (Allied Signal Technical Services) (12-CB-004243 Case Number) and more Other products produced by the U.S. National Labor Relations Board (NLRB) can be found here: https://bookstore.gpo.gov/agency/1076
Author:
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ISBN:
Category : Labor laws and legislation
Languages : en
Pages : 504
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