The impact of earnings-announcement timing on technical analysis signal: The case of Indonesia  

Oleh:

Sulistiawan, Dedhy

Jenis: Article from Journal - ilmiah nasional - terakreditasi DIKTI
Dalam koleksi: Journal of Economics, Business, & Accountancy: ventura vol. 18 no. 2 (2015), page 179-188.
Topik: Technical Analysis; Timeliness; Reporting Lag; Earnings Announcement
Fulltext: 446-993-1-SM.pdf (230.07KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: VV5 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This study discusses technical analysis signal and earnings-announcements timing. Technical analysis signal is used to capture price reaction around earnings an-nouncement dates. Technical analysis is selected because it is potential for compet-ing information as fundamental information in emerging market, especially in In-donesian stock market. The longer reporting lag will result in a tendency of bigger information leakage which makes price reaction before announcements stronger. That reaction produces a reliable technical analysis signal. By using Indonesian stock market data, the results show that (1) technical analysis signal generates big-ger (lower) return for late (earlier) reporting, and (2) reporting lag positively affects the performance of technical analysis signal that emerge before annual earnings announcements. These findings indicate a tendency of bigger information leakage for companies that delay earnings announcements. It contributes to building a bridge between technical analysis and earnings-announcement timing studies.

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