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| Tekijä: | Ayers, B. Freeman, R. N. |
| Otsikko: | Market assessment of industry and firm earnings information |
| Lehti: | Journal of Accounting & Economics
1997 : DEC, VOL. 24:2, p. 205-218 |
| Asiasana: | CAPITAL MARKETS SECURITIES INDUSTRIES COMPANIES PAY |
| Kieli: | eng |
| Tiivistelmä: | The study examines the timing of security returns associated with industry-wide earnings and firm-specific earnings. The study predicts that returns associated with differences in performance across industries begin and end earlier than returns associated with differences in firm-specific performance within industries. To earn abnormal profits, a trading strategy based on forecasts of future earnings would require earlier predictions of industrywide earnings than of firm-specific earnings. |
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