Event Day 0? After-Hours Earnings Announcements

Event Day 0? After-Hours Earnings Announcements

In recent years, the proportion of after-hours earnings announcements has increased to more than 40%. For after-hours announcements, earnings-related volume and price changes are not observed on the Compustat or I/B/E/S earnings announcement date, but one trading day later. This study demonstrates t...

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Veröffentlicht in:Journal of accounting research 2009-03, Vol.47 (1), p.71-103
Hauptverfasser: BERKMAN, HENK, TRUONG, CAMERON
Format: Artikel
Sprache:eng
Schlagworte:
Absolute value
Accounting procedures
After hours trading systems
Analytical forecasting
Arithmetic mean
Average earnings
Business accounting
Corporate finance
Earnings
Financial accounting
Financial information
Financial portfolios
Nasdaq Composite Index
News
Standard error
Stock market indices
Stock prices
Studies
Time series
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Beschreibung
Zusammenfassung:In recent years, the proportion of after-hours earnings announcements has increased to more than 40%. For after-hours announcements, earnings-related volume and price changes are not observed on the Compustat or I/B/E/S earnings announcement date, but one trading day later. This study demonstrates the importance of accounting for after-hours announcements for event studies around earnings announcements.
ISSN:0021-8456
1475-679X
DOI:10.1111/j.1475-679X.2008.00312.x