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| Author: | Riahi-Belkaoui, A. |
| Title: | Level of multinationality as an explanation for post-announcement drift |
| Journal: | International Journal of Accounting
2002 : VOL. 37:4, p. 413-419 |
| Index terms: | Stock markets Earnings Forecasting Multinational companies USA |
| Language: | eng |
| Abstract: | This study tests whether the observed patterns in stock returns after quarterly earnings announcements are related to the level of multinationality, a variable used to proxy for earnings predictability. The sample is comprised of all the firms incl. in the 1990-1999 Forbes' 100 largest U.S. multinationals. The findings show that the level-of-multinationality variable is negatively correlated with the observed post-announcement abnormal returns. The findings suggest that the level of multinationality as proxy for earnings predictability underlies the predictability of stock returns after earnings announcements. |
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