The Effect of Annual Corporate Profit Reports on the Athens Stock Exchange: An Empirical Investigation

This paper reports tentative results of a study on the information content of annual corporate profit announcements in the Greek stock market. The results lend support to the hypothesis that profit reports contain information relevant to investment decision making. This observation that the release of the annual report is followed by abnormal stock returns suggests that the absorption of information on the Athens Stock Exchange is carried out in a manner that is not entirely consistent with the efficient markets model.