search query: @journal_id 56 / total: 1032
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| Author: | Booth, G. Kallunki, J. Martikainen, T. |
| Title: | Post-announcement drift and income smoothing: Finnish evidence |
| Journal: | Journal of Business Finance and Accounting
1996 : OCT, VOL. 23:8, p. 1197-1212 |
| Index terms: | ACCOUNTING STOCK RETURNS INCOMES |
| Language: | eng |
| Abstract: | This paper provides new evidence on the difference of the Finnish stock market reaction to earnings announcement between the firms with naturally smoothed and non-smoothed income stream. To investigate natural smoothing, the reported earnings figures are adjusted for management's intentional smoothing. regarding the firms with non-smoothed income, the results suggest that the post-announcement period unexpected return of firms with positive earnings surprises is significantly positive, while the return of firms reporting negative earnings surprises is significantly negative. |
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