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| Tekijä: | Riahi-Belkaoui, A. |
| Otsikko: | Level of Multinationality as an Explanation for Post- Announcement Drift |
| Lehti: | International Journal of Accounting
2002 : VOL. 37:4, p. 413-420 |
| Asiasana: | MULTINATIONAL COMPANIES EARNINGS STOCK RETURNS ANALYTICAL REVIEW |
| Kieli: | eng |
| Tiivistelmä: | 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 authors' 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 a proxy for earnings predictability underlies the predictability of stock returns after earnings announcements. The authors find that the level-of-multinationality variable is important in explaining both the drift and the stock-price responses to subsequent earnings announcements. |
SCIMA