Stock Price Reaction to Earnings Information.

Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Johannsen, Matthias
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Berlin : Duncker & Humblot, 2010.
Colección:Studienreihe der Stiftung Kreditwirtschaft an der Universität Hohenheim.
Temas:
Stocks > Prices.
Actions (Titres de société) > Prix.
Stocks > Prices
Acceso en línea:Texto completo
Tabla de Contenidos:
  • Intro
  • Table of Contents
  • Tables
  • Figures
  • Appendices
  • Abbreviations and Variables
  • 1. Problem outline
  • 2. Investigation of the post-earnings-announcement drift in Germany
  • 2.1 Introduction
  • 2.2 Current state of academic discussion
  • 2.2.1 The concept of market efficiency
  • 2.2.2 The post-earnings-announcement drift
  • 2.2.2.1 Implications for market efficiency
  • 2.2.2.2 Summary of evidence
  • 2.2.3 Existing explanations for the post-earnings-announcement drift
  • 2.2.4 Commentary on existing explanations
  • 2.3 Research design
  • 2.3.1 Research methodology
  • 2.3.2 Considered variables for a risk-based investigation
  • 2.3.3 Hypotheses development
  • 2.4 Sample construction
  • 2.4.1 Data collection
  • 2.4.2 Variable computation
  • 2.4.2.1 Unexpected earnings
  • 2.4.2.2 Unexpected earnings portfolio formation
  • 2.4.2.3 Risk-related variables
  • 2.4.2.4 Abnormal returns
  • 2.5 Data analysis
  • 2.5.1 Investigation of hypothesis 1
  • 2.5.1.1 Cumulative abnormal returns of unexpected earnings portfolios
  • 2.5.1.2 Significance tests of the cumulative abnormal returns
  • 2.5.2 Investigation of hypothesis 2
  • 2.5.3 Investigation of hypothesis 3
  • 2.5.3.1 Analysis of covariance
  • 2.5.3.2 Sub-samples based on size and book-to-market ratio
  • 2.6 Conclusion
  • 3. Investigation of the capital market reaction to earnings management
  • 3.1 Introduction
  • 3.2 Current state of academic discussion
  • 3.2.1 General concept of earnings management
  • 3.2.2 Incentives of earnings management
  • 3.2.2.1 Types of incentives
  • 3.2.2.2 Incentives of opportunistic earnings management
  • 3.2.2.3 Incentives of informative earnings management
  • 3.2.3 Capital market reaction to earnings management
  • 3.2.3.1 Concealing effect of earnings management
  • 3.2.3.2 Informative effect of earnings management
  • 3.2.4 Summary
  • 3.3 Research design
  • 3.3.1 Theoretical considerations
  • 3.3.2 Hypotheses development
  • 3.3.3 Research methodology
  • 3.4 Sample construction
  • 3.4.1 Data collection
  • 3.4.2 Variable computation
  • 3.4.2.1 Earnings management variables
  • 3.4.2.1.1 Different approaches to measure earnings management
  • 3.4.2.1.2 Comment on the different approaches
  • 3.4.2.1.3 Used measures of earnings management
  • 3.4.2.2 Earnings informativeness variables
  • 3.4.2.3 Control variables
  • 3.4.2.4 Absolute cumulative abnormal returns
  • 3.5 Data analysis
  • 3.5.1 Correlations among key variables
  • 3.5.2 Investigation of hypotheses 1 and 2
  • 3.5.3 Investigation of hypothesis 3
  • 3.5.3.1 Hypothesis tests
  • 3.5.3.2 Fixed effects panel regressions
  • 3.6 Conclusion
  • 4. Summary
  • 4.1 Main results
  • 4.2 Implications for market participants
  • 4.3 Implications for accounting standard setters
  • 4.4 Implications for future research
  • References
  • Appendices

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