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| Tekijä: | Kothari, S.P. Lewellen, J. Warner, J.B. |
| Otsikko: | Stock returns, aggregate earnings surprises, and behavioral finance |
| Lehti: | Journal of Financial Economics
2006 : MAR, VOL. 79:3, p. 537-568 |
| Asiasana: | business cycles discount rate earnings market information share prices stock markets |
| Kieli: | eng |
| Tiivistelmä: | This article examines the reaction of the stock market to aggregate earnings information. The authors find that aggregate data reveals a substantially different pattern than the data of individual companies concerning the stock market reaction to earnings news. Findings based on aggregate data show that returns are unrelated to past earnings, suggesting that prices neither underreact nor overreact to aggregate earnings news. |
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