How does the market process sequential earnings information?

被引：1

作者：

Johnson, Peter M. ^{[1
]}

Jurney, Susan ^{[2
]}

Rodgers, Theodore C. ^{[3
]}

机构：

[1] Univ Alabama, Culverhouse Coll Commerce & Business Adm, Culverhouse Sch Accountancy, Tuscaloosa, AL 35487 USA

[2] Univ Arkansas, Dept Accounting, Walton Coll Business, Fayetteville, AR 72701 USA

[3] Emory Univ, Goizueta Sch Business, Atlanta, GA 30322 USA

来源：

ADVANCES IN ACCOUNTING | 2015年 / 31卷 / 01期

关键词：

Cognitive processing; Earnings surprise; Processing strategy; Sequential information;

D O I：

10.1016/j.adiac.2015.03.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Employing both experimental market and archival research designs, we examine whether the association between announcement period stock returns and contemporaneous news is influenced by previously disclosed earnings news. Our primary conclusion is that investors response to the earnings surprise (actual earnings less the last forecast of the quarter) is conditional on the sign of prior earnings news (i.e., the forecast revision). We develop and test predictions based on behavioral theories of how investors will react to a series of earnings information. Our results suggest that the markers response to sequential analysts' forecasts inconsistent with the application of an end-of-sequence (EoS) process resulting in a primacy effect. (C) 2015 Elsevier Ltd. All rights reserved.

引用

页码：55 / 67

页数：13

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