Interim versus fourth quarter aggregate earnings-return relations.

详细信息   

• 作者：He ; Ting.
• 学历：Doctor
• 年：2012
• 导师：Cready,William M.,eadvisorGurun,Umit G.,eadvisorAli,Ashiqecommittee memberRadhakrishnan,Sureshecommittee member
• 毕业院校：The University of Texas
• Department：Accounting.
• ISBN：9781267812629
• CBH：3546971
• Country：USA
• 语种：English
• FileSize：5680742
• Pages：149

文摘

Prior literature documents that the fourth quarter earnings and the stock market's reactions to fourth quarter earnings news differ from those of interim quarters at the firm level. This study examines whether differential market reactions to quarterly earnings news at the firm level extend to the market level. In contrast to previous firm-level findings,I find that aggregate fourth quarter earnings-return relations are stronger than aggregate interim quarter earnings-return relations. Specifically,aggregate fourth quarter earnings are negatively related to contemporaneous market returns,but there is little evidence for interim quarter earnings. In addition,the positive predictive content of annual accruals is driven by aggregate fourth quarter accruals.