When Is Bad News Really Bad News?  

Oleh:

Conrad, Jennifer ; Cornell, Bradford ; Landsman, Wayne R.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 57 no. 6 (Dec. 2002), page 2507-2532.
Fulltext: p 2507.pdf (252.57KB)

Isi artikel

We examine whether the price response to bad and good earnings shocks changes as the relative level of the market changes. The study is based on a complete sample of annual earnings announcements during the period 1988 to 1998. The relative level of the market is based on the difference between the current market P0E and the average market P0E over the prior 12 months. We find that the stock price response to negative earnings surprises increases as the relative level of the market rises. Furthermore, the difference between bad news and good news earnings response coefficients rises with the market.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali