Global ETD Search
Search theses and dissertations gathered from participating repositories worldwide. Every result links back to the library that holds it. No account is needed.
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Showing 1 to 20 of 46 for “"earnings announcements"”.
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Intra-industry information transfers: Evidence from earnings announcements
… information assimilation surrounding corporate earnings announcements. I provide evidence that intra-industry information transfers measured by industry rival earnings announcements account for a substantial portion of the well documented post-earnings announcement drift. While this evidence …
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The role of earnings announcements on preceding repurchase tender offers
… of this study is to examine how subsequent earnings information is used by investors in resolving residual uncertainty about preceding repurchase tender offer announcements.
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Returns around Earnings Announcements for Companies with Seasonality in Earnings
This thesis examines returns around earnings announcements for companies with seasonality in earnings. Earnrank is used as a measure of seasonality where earnrank for a company is calculated quarterly by taking last five years of earnings data, ranking them and taking the average of the ranks for …
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How does the information environment affect information asymmetry around earnings announcements?
… and changes in information asymmetry around earnings announcements. I create a sample of earnings announcements from 39 countries and investigate whether firm and country-level variation in the information environment affects private information acquisition. To do this, I examine the level of …
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A study of market efficiency in the period preceding earnings announcements
… if this theory holds in the period preceding an earnings announcement, by testing whether there is a relationship between stock returns before and after an earnings announcement. We find that there exists a negative correlation between pre-earnings returns and post-earnings returns for small …
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The announcement waiting game : holding costs, trading, and returns around earnings announcements
… pricing anomalies earn large returns around earnings announcements. This paper advances an explanation for this phenomenon based on holding costs, which are costs incurred by investors while maintaining an existing position. Since holding costs raise the marginal cost of holding a position, I …
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Partitioning market efficiencies by analyst attention: the case of annual earnings announcements
… efficiency constructs with respect to annual earnings announcements are examined in this study. Preannouncement information efficiency is guaged by the degree to which security prices appear to lead or anticipate the information content of subsequent public earnings releases. Such price …
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Management earnings forecasts, security price variability, and the marginal information content of earnings announcements
… the marginal information content of subsequent earnings announcements and (2) whether the market efficiently reflects the information contained in the management forecast. If management forecasts and subsequent earnings announcements convey similar information, the subsequent earnings …
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The Speed of the Market Response to Earnings Announcements and the Bid-Ask Spread: An Empirical Study
… in the speed of the market response to an earnings announcement are positively related to the precision of the information contained in the announcement. The bid-ask spread is used as a proxy for the precision of the information contained in the earnings announcement, since Glosten and …
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The effects of the unexpected cautionary and annual earnings announcements on the Price Formation Process: evidence from the JSE
… security market portfolio, i.e., expected future earnings. The occurrence of ‘unexpected earnings' creates an expectation of above ‘true' market portfolio returns, i.e., abnormal returns (ARs). This study is premised on the appreciation and understanding of the manifestation of a ‘true' single …
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A new approach to studying earnings announcement timing : why do firms change earnings announcement dates?
… on firms' incentives to strategically time their earnings announcements. I propose and implement a novel approach to isolating the impact of the relative ordering of different firms' earnings announcements on market outcomes. This approach relies on quasi-exogenous variation in the relative timing …
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Can bank regulators use financial markets as indicators for supervisory intervention? : an event study analysis on the impact of earnings announcements on bank equity
Includes bibliographical references (leaves 32-35).
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Probability of informed trading around scheduled and unscheduled corporate announcements
… stock market along two dimensions: whether announcements are scheduled; and other characteristics related to the content such as payment methods, offer premium (takeover announcements) and earnings surprises (earnings announcements). We first focus on unscheduled takeover announcements. Our …
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Probability of informed trading around scheduled and unscheduled corporate announcements
… stock market along two dimensions: whether announcements are scheduled; and other characteristics related to the content such as payment methods, offer premium (takeover announcements) and earnings surprises (earnings announcements). We first focus on unscheduled takeover announcements. Our …
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Two Essays on Ownership and Market Characteristics
… ownership on price discovery around earnings announcements. I select earnings announcements as the event for my analysis because there are three well-documented regularities about earnings announcements. First, market participants anticipate the forthcoming earnings announcements. …
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The informational content of trading statement releases on the JSE
… and domestically, is the association between earnings information, contained in earnings announcements, and share returns leading up to and following the publication. This study pulls together evidence across stock exchanges worldwide on which to draw comparisons of market efficiency. For the …
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Two Essays on Competition, Corporate Investments, and Corporate Earnings
… such that the market reaction to subsequent earnings announcements is unrelated to those corporate actions. Korajczyk at al. (1991) argue that firms prefer to issue equity when the market is most informed about the quality of the firm to prevent adverse selection costs associated with new …
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Four Essays on Managerial Incentives
… share price reaction to corporate news announcements. We first consider whether there is more information content in similar corporate news announcements for different types of firms. Second, we investigate whether the value of news information about these firms has declined over time …
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Disclosure Timing of Accounting Information and Stock Market Reaction Under Asymmetric Information
… an explanation for why some firms disclose their earnings reports earlier than do other firms. What differentiates this study from previous analytical studies is that the timing of mandatory earnings announcements is analyzed from a signaling perspective. The analysis is based on the conjecture …
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