search query: @author Kanto, A.J. / total: 3
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| Author: | Kahra, H.A. Kanto, A.J. Schadewitz, H. (et al.) |
| Title: | Anatomy of interim disclosures during bimodal return distributions |
| Journal: | European Journal of Finance
2006 : JAN, VOL. 12:1, p. 61-75 |
| Index terms: | finance disclosure financial statements interim reports rate of return stock exchanges Nordic countries Finland |
| Language: | eng |
| Abstract: | This paper offers one answer to two of the questions raised by the anomalous behaviour of the residuals. The first is the failure of cumulative abnormal residuals (CARs) to be centred at zero and normally or t distributed. The second is the failure of CARs to be homoscedastic. It is argued that, in some cases, a bimodal distribution (here as: dstr-n.) fits the data better. From 1985 to 1993 there were 47 Helsinki Exchanges listed firms having at least one bimodal return dstr-n. after an interim report's publication. This represents 76 percent of the total number of firms observed. The findings of this paper should promote the use of more sophisticated methods for non-normal return dstr-n. and longer examination periods. On the practical side, the results should help managers refine their communication practices. |
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