haku: @author Bulkley, G. / yhteensä: 8
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| Tekijä: | Bulkley, G. Herrerias, R. |
| Otsikko: | Does the precision of news affect market underreaction? Evidence from returns following two classes of profit warnings |
| Lehti: | European Financial Management
2005 : NOV, VOL. 11:5, p. 603-624 |
| Asiasana: | Market efficiency Profit forecasting Reporting |
| Kieli: | eng |
| Tiivistelmä: | This paper examines whether the market reacts rationally to profit warnings by testing for subsequent abnormal returns. Warnings are divided into two categories: those that include a new earnings forecast, and those that offer only the guidance that earnings will be below current expectations. It is found that negative abnormal returns in the first three months follow both types of warning. Underreaction is more distinct when the disclosure is less precise. Abnormal returns turned out to be more negative when following disclosures that offer only qualitative information. |
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