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| Tekijä: | Trueman, B. Wong, M. H. F. Zhang, X.-J. |
| Otsikko: | Anomalous stock returns around internet firms' earnings announcements |
| Lehti: | Journal of Accounting & Economics
2003 : JAN, VOL. 34:1-3, p. 249-271 |
| Asiasana: | Capital markets Internet Stock returns Corporate earnings Price earnings ratios |
| Vapaa asiasana: | Price pressure Earnings announcement |
| Kieli: | eng |
| Tiivistelmä: | There is a general runup in prices in the days prior to the earnings announcements, followed by a price reversal lasting for several days. The magnitude of the market-adjusted returns associated with these price movements exceeds 11 percent over a 10-day period. The authors find little evidence to suggest that these returns can be explained either by the earnings news disclosed or by risk changes. Additional analyses suggest that these return patterns are driven, at least in part, by price pressure. |
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