haku: @indexterm INSURANCE / yhteensä: 646
viite: 37 / 646
| Tekijä: | Christensen, T.E. Gaver, J.J. Stuerke, P.S. |
| Otsikko: | The relation uncertainty and market reactions to earnings announcements: evidence from property-casualty insurance industry USA |
| Lehti: | Journal of Business Finance and Accounting
2005 : VOL. 32:1-2, p. 1-30 |
| Asiasana: | Forecasting Insurance Uncertainty USA |
| Vapaa asiasana: | BKLS |
| Kieli: | eng |
| Tiivistelmä: | This article examines the relationship between investor uncertainty, gauged by properties of analysts' forecasts, and the stock market response to earnings. We find that uncertainty is best caharacterized by a comprehensive measure recently proposed by Barron, Kim, Lim, Stevens (1998), BKLS. The BKLS measure is related to uncertainty-inducing events, as well as factors that affect the difficulty faced by analysts in forecasting earnings. We conclude that, first, pre-disclosure uncertainty is a significant determinant of the price reaction to the earnings release, and second BKLS is a more comprehensive measure of uncertainty than simple dispersion. |
SCIMA