search query: @author Pagach, D. / total: 2
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| Author: | Francis, J. Pagach, D. Stephan, J. |
| Title: | The stock market response to earnings announcements released during trading versus nontrading periods |
| Journal: | Journal of Accounting Research
1992 : AUTUMN, VOL. 30, p. 165-184 |
| Index terms: | STOCK MARKETS EARNINGS ACCOUNTING |
| Language: | eng |
| Abstract: | This study compares the market reactions to earnings announcements released during nontrading hours to those released when the market is open. Market reaction is defined in three ways: price changes, trading volume, and the elapsed time between the opening of the market and the first transaction in the announcing firm's stock. The authors find no evidence that investors impound information conveyed in overnight disclosures in positions taken at the following open, even though the open represents investors' first opportunity to trade on the information. |
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