Article1984

THE INFORMATION CONTENT OF SIGN AND SIZE OF EARNINGS ANNOUNCEMENTS: NEW ZEALAND EVIDENCE

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25 citations0/0 files storedAccounting and Finance

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Financial Markets and Investment Strategies Auditing, Earnings Management, Governance Financial Analysis and Corporate Governance

Abstract

Abstract: This paper examines the effect of 1196 earnings announcements on share prices, using the familiar cumulative abnormal return method of analysis. Earnings are partitioned into unexpected earnings increases and decreases using a martingale model. As well, six portfolios are established, based on the size of unexpected earnings, using two different measures of size.

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References

1968An Empirical Evaluation of Accounting Income Numbers 1968The Information Content of Annual Earnings Announcements 1977Estimating betas from nonsynchronous data 1977INVESTMENT PERFORMANCE OF COMMON STOCKS IN RELATION TO THEIR PRICE‐EARNINGS RATIOS: A TEST OF THE EFFICIENT MARKET HYPOTHESIS 1976Corporate Forecasts of Earnings Per Share and Stock Price Behavior: Empirical Test 1979The Association between Unsystematic Security Returns and the Magnitude of Earnings Forecast Errors 2022Financial Statement Analysis 1981Evidence of the impact of mandatory changes in accounting principles on corporate loan agreements

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1989Asset Revaluations and Share Price Revisions 1997The Impact of Accounting Earnings Disclosures on Stock Prices in Singapore 2011The role of accruals as a signal in earnings and dividend announcements

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