Download or read book The Information Content of Guidance and Earnings written by Jonathan A. Milian and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Testing for the Information Content of Quarterly Earnings Statements with Box Jenkins Time Series Methods written by James William Rice and published by . This book was released on 1973 with total page 488 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Information Content of Quarterly Earnings Announcements written by David Leroy Diamond and published by . This book was released on 1969 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Information Content of Quarterly Earnings Data and the Market s Revision of Risk Predictions Implied in Options Prices written by David Chen Ming-Dau and published by . This book was released on 1986 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Additional Information Content of Quarterly Earnings Reports written by William S. Hopwood and published by . This book was released on 1981 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Firm Prominence and the Differential Information Content of Quarterly Earnings Announcements written by Wiliam Kross and published by . This book was released on 1989 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Beyond the Numbers written by Angela K. Davis and published by . This book was released on 2011 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Earnings press releases are the primary mechanism by which managers announce quarterly earnings and make other concurrent disclosures to investors and other stakeholders. A largely unexplored element of earnings press releases is the language that managers use throughout the press release, which we argue provides a unifying framework for these disclosures and an opportunity for managers to signal, both directly and more subtly, their expectations about future performance. We analyze the full texts of approximately 23,000 earnings press releases issued between 1998 and 2003 and examine whether the language used in these earnings press releases provides a signal about expected future firm performance and whether the market responds to this signal. Using categories derived from linguistic theory, we count words characterized as optimistic and pessimistic and construct a measure of managers' net optimistic language for each earnings press release. We find that this measure is positively associated with future ROA and generates a significant market response in a short window around the earnings announcement date. We include in our models the earnings surprise as well as other quantifiable, concurrent disclosures identified in prior research as associated with the market's reaction to earnings press releases. Our results support the premise that earnings press release language provides a signal regarding managers' future earnings expectations to the market and that the market responds to this signal. We interpret our evidence to suggest that managers use language in earnings press releases to communicate credible information about expected future firm performance.
Download or read book The Information Content of Quarterly Earnings written by Suchitra T. Vacharajittipan and published by . This book was released on 1991 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Information Content of Quarterly Earnings Data and the Market s Revision of Risk Predictions Implied in Option Prices written by David Ming-Dau Chen and published by . This book was released on 1986 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Inferential Value of Quarterly Earnings Announcements Relative to Other Sources of Information written by C. Catherine Chiang and published by . This book was released on 2011 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates the prevalent view that accounting information competes with, but also disciplines, information from other sources by examining the inferential value to investors of accounting versus non-accounting information. Inferential value is defined as the ability of the capital markets to draw the correct inference from the information signals regarding future firm performance. Both average quarterly accounting rate of return on equity and excess stock returns are used as measures of firm performance. The findings indicate that a market-normalized accounting rate of return derived from stock prices and excess returns measured around earnings announcement dates are more highly correlated with changes in future firm performance than similar measures in the non-disclosure periods. The findings support the prevalent view that accounting information disciplines information from other sources.
Download or read book The Information Content of Published Quarterly Earnings and Quarterly Dividend Announcements written by Paul A. Griffin and published by . This book was released on 1974 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Information Content of Quarterly Earnings written by Mungkorn Chatrdamrongtham and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Differential Information Content of Unexpected Permanent and Temporary Components of Quarterly Earnings Announcements written by Brian P. Killory and published by . This book was released on 1999 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Productivity Innovation and Economic Performance written by Ray Barrell and published by Cambridge University Press. This book was released on 2000-06-15 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book compares and explains differences in levels of incomes among industrialised countries.
Download or read book Accounting Earnings Announcements Fund Concentration and Common Stock Returns written by Gordon Spooner Potter and published by . This book was released on 1986 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Theoretical and Empirical Investigation of the Information Content of Annual Earnings Announcements written by Gordon Douglas Richardson and published by Ann Arbor, Mich. : University Microfilms International. This book was released on 1983 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Information Content of Published Quarterly Earnings and Quarterly Dividend Announcements written by Paul A. Griffin and published by . This book was released on 1975 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:
