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Depository Receipts ADRs. The Hausman test shows that price changes and earnings changes are endogenously determined, thus the simultaneous equations approach is used to estimate the earnings response ...
incremental information content for fiscal fourth quarter changes in capital expenditures when considering all fiscal quarters simultaneously , because the effect of the earnings recognition delay under GAAP ...
earnings relative to both the market and the same industry average while the deleted stocks showed the opposite. In conclusion, member changes in the Korea Stock Exchange Price Index are not information ‐free ...
We study the pricing effects of dividend and earnings announcements by taking advantage of the unique setting in Japan where managers simultaneously announce the current year's dividends and earnings ...
This study examines whether insiders (directors) exploit information advantage of their firms by trading stocks before the simultaneous earnings and dividend announcements in Hong Kong. Our findings ...
A RECENT ARTICLE IN this journal [5] measured the informational content of quarterly earnings reports and the effects of this information on stock prices . The empirical evidence presented, covering ...
greater than the reaction to just one signal. This implies that there is information content to two signals being given simultaneously , and that announcements are not perfect substitutes. Some evidence ...
In this paper the proposition is tested that stock market reaction to a dividend change is a function of its information content . A multiple regression model is formulated to identify the factors ...
in anticipation of earnings announcements; these effects are more pronounced for announcements with larger subsequent price changes. Spreads are also wider following earnings announcements, but this effect ...
with improved price efficiency. Using a new measure of the information content of prices and a comprehensive panel of 54,879 stock-quarters of Securities and Exchange Commission (SEC) market data, I establish ...
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