Market Response to Earnings Announcements and Interim Reports: An Analysis of SBF120 Companies

2000 ◽  
pp. 151 ◽  
Author(s):  
Benos ◽  
Rockinger
Keyword(s):  
Earnings Announcements ◽  
Market Response

Stock Price Behavior Associated with Post-1974–75 LIFO Adoptions Announced at Alternative Disclosure Times

1996 ◽  
Vol 11 (4) ◽  
pp. 535-564 ◽  
Author(s):  
Morton Pincus ◽  
Charles E. Wasley
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Earnings Announcements ◽  
Market Response ◽  
Price Behavior ◽  
Positive Information ◽  
Earnings Announcement ◽  
Earnings Growth ◽  
Adoption Decision ◽  
Annual Earnings

We examine the behavior of stock prices at the time of post-1974–75 LIFO adoption announcements. We exploit recent theoretical and empirical developments in the LIFO adoption literature in an attempt to resolve some of the mixed findings in Hand (1993). We study LIFO adoptions announced prior to as well as at the time of annual earnings announcements. Previous research has mostly centered on 1974–75 adoptions made at the time of annual earnings announcements. Our study of LIFO adoptions announced prior to annual earnings announcement dates enables us to provide evidence on whether the early announcement of a LIFO adoption is used by firms to signal positive information about earnings growth. Collectively, our results suggest that in explaining the market response to LIFO adoption announcements, extant models of the LIFO adoption decision do not fully capture the richness of differing inflationary environments or of alternative disclosure times.

scholarly journals Managerial ability, tone of earnings announcements, and market reaction

2017 ◽  
Vol 25 (4) ◽  
pp. 454-471 ◽  
Author(s):  
Yan Luo ◽  
Linying Zhou
Keyword(s):  
Significant Role ◽  
Stock Price ◽  
Design Methodology ◽  
Earnings Announcements ◽  
Management Teams ◽  
Market Response ◽  
Managerial Ability ◽  
Earnings Announcement ◽  
Content Type ◽  
Stock Price Reaction

Purpose The purpose of this paper is to examine the effect of managerial ability on the tone of earnings announcements and on the market response to the tone. Design/methodology/approach This study constructs a model of the determinants of earnings announcement tone in order to examine whether managerial ability plays a significant role in determining earnings announcement tone. Further, to test whether the market response to the tone of earnings announcements is affected by managerial ability, this study also examines the interactive term between earnings announcement tone and managerial ability. The tone of earnings announcements is measured using the spread in the proportion of positive and negative words. Managerial ability is measured using the managerial ability rank developed by Demerjian et al. (2012). Findings More able management teams use a more positive tone in their earnings announcements. Stock markets have more pronounced positive reactions to positive tones in the earnings announcements issued by companies with more able management teams. Originality/value This study identifies managerial ability as a previously unrecognized determinant of tone in earnings announcements and of the stock price reaction to earnings announcements.

Capital Gains Taxes and the Market Response to Earnings Announcements

2018 ◽  
Author(s):  
Greg Clinch ◽  
Bradley P. Lindsey ◽  
William J. Moser ◽  
Mahmoud Odat
Keyword(s):  
Earnings Announcements ◽  
Capital Gains ◽  
Market Response ◽  
Capital Gains Taxes
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