haku: @indexterm SEASONAL FLUCTUATION / yhteensä: 63
viite: 26 / 63
| Tekijä: | Kross, W. Schroeder, D. |
| Otsikko: | An investigation of seasonality in stock price responses to quarterly earnings announcements |
| Lehti: | Journal of Business Finance and Accounting
1990 : WINTER, VOL. 17:5, p.649-675 |
| Asiasana: | STOCK MARKETS PRICES SEASONAL FLUCTUATION EARNINGS SHARE PRICES SMALL BUSINESS LARGE BUSINESSES |
| Kieli: | eng |
| Tiivistelmä: | It is investigated whether stock responses to fourth quarter earnings announcements are different from their responses to interim earnings announcements. A simple model is developed which predicts a differential annual versus interim response for small firms, but no differential responses for large firms. There is no evidence of seasonality for large firms (differential forth quarter return responses). For small firms, the return response to fourth quarter earnings announcements are significantly different (lower in magnitude) from the responses to interim announcements. This result cannot reasonably be caused by information transfers, stock market (January) seasonality, or industry differences. |
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