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2018•International Journal of Business StrategyRequires access

EARNINGS ANNOUNCEMENTS AND STOCK RETURNS

Abdullah M. Shoeb, Jorge Brusa

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Abstract

ABSTRACT This paper examines the relationship between earnings announcements and stock returns. The results of this investigation show that firms announcing earnings have negative returns larger than the negative returns of firms not announcing earnings. The results provide support to previous studies indicating the existence of an earnings announcement effect. However, this effect is not only for portfolios when both have positive returns, but also when both portfolios have negative returns. Keywords earnings, stock return, effect

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What this paper is about

ABSTRACT This paper examines the relationship between earnings announcements and stock returns. The results of this investigation show that firms announcing earnings have negative returns larger than the negative returns of firms not announcing earnings. The results provide support to previous studies indicating the existence of an earnings announcement effect. However, this effect is not only for portfolios when both have positive returns, but also when both portfolios have negative returns. Keywords earnings, stock return, effect

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Available abstract

ABSTRACT This paper examines the relationship between earnings announcements and stock returns. The results of this investigation show that firms announcing earnings have negative returns larger than the negative returns of firms not announcing earnings. The results provide support to previous studies indicating the existence of an earnings announcement effect. However, this effect is not only for portfolios when both have positive returns, but also when both portfolios have negative returns. Keywords earnings, stock return, effect

Key concepts: Earnings, Post-earnings-announcement drift, Stock (firearms), Earnings response coefficient, Economics, Earnings per share, Monetary economics, Business

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