The intraday speed of adjustment of stock prices to unexpected quarterly earnings PDF Download
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Author: Catherine Sherman Woodruff
Publisher:
ISBN:
Category : Stocks
Languages : en
Pages : 234
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Book Description
Author: Catherine Sherman Woodruff
Publisher:
ISBN:
Category : Stocks
Languages : en
Pages : 234
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Book Description
Author: Andrew J. Senchack
Publisher:
ISBN:
Category :
Languages : en
Pages : 17
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Book Description
Author: O. Maurice Joy
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
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Book Description
Author: James M. Patell
Publisher:
ISBN:
Category : Stocks
Languages : en
Pages : 50
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Book Description
Author: Ronald Joseph Jordan
Publisher:
ISBN:
Category : Corporate profits
Languages : en
Pages : 214
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Book Description
Author: Jason Lee
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
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: Jeehong Kim
Publisher:
ISBN:
Category : Stock price forecasting
Languages : en
Pages : 386
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Book Description
Author: Brian P. Killory
Publisher:
ISBN:
Category : Corporate profits
Languages : en
Pages : 300
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Book Description
Author: Catherine Sherman Woodruff
Publisher:
ISBN:
Category :
Languages : en
Pages : 24
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Book Description
Author: Gerald J. Lobo
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This study investigates the relationship between the dispersion of analysts' earnings forecasts and stock price variability around quarterly earnings announcements. Consistent with theoretical predictions, the empirical analysis shows that stock price variability at the time of earnings announcements is positively related to the degree of analysts' earnings forecast dispersion. The analysis also demonstrates that stock price variability is significantly greater from two days before to two days after the earnings announcement for firms ranked in the bottom third on the basis of analysts' forecast dispersion, whereas it is significantly greater from eight days prior to five days following the earnings announcement for firms in the top third. These results suggest that there is information about the earnings announcement that becomes available to at least a subset of investors prior to the earnings release. The increased level of price variability for five days following the earnings announcement suggests that market participants take different amounts of time to process the information conveyed by the earnings announcement.
