Stock Price Reaction to Earnings Information:
This work investigates the reaction of capital market participants to information contained in financial statements of German public limited companies. The application of accounting standards requires discretion which may be exercised to pursue opportunistic incentives or incentives to increase the...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Berlin
Verlag Wissenschaft & Praxis
2020, c2010
|
| Ausgabe: | 1st ed |
| Schriftenreihe: | Studienreihe der Stiftung Kreditwirtschaft an der Universität Hohenheim
|
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This work investigates the reaction of capital market participants to information contained in financial statements of German public limited companies. The application of accounting standards requires discretion which may be exercised to pursue opportunistic incentives or incentives to increase the information content of financial statements. This work explores these issues and is structured in two main parts. Using annual data of 850 firms listed on German stock exchanges for the years 1990 to 2003 it is shown in the first part that stock prices react only gradually to earnings information. This finding supports the post-earnings announcement drift. In the second part it is demonstrated that for cases with incentives for opportunistic earnings management and with high (low) degrees of earnings management, share prices react more (less) gradually to earnings information |
| Beschreibung: | Duncker & Humblot GmbH |
| Beschreibung: | 1 Online-Ressource (170 Seiten) 10 b&w ills., 27 b&w tables |
| ISBN: | 9783896444813 |
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| 520 | |a This work investigates the reaction of capital market participants to information contained in financial statements of German public limited companies. The application of accounting standards requires discretion which may be exercised to pursue opportunistic incentives or incentives to increase the information content of financial statements. This work explores these issues and is structured in two main parts. Using annual data of 850 firms listed on German stock exchanges for the years 1990 to 2003 it is shown in the first part that stock prices react only gradually to earnings information. This finding supports the post-earnings announcement drift. In the second part it is demonstrated that for cases with incentives for opportunistic earnings management and with high (low) degrees of earnings management, share prices react more (less) gradually to earnings information | ||
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| author | Johannsen, Matthias |
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| id | DE-604.BV048193878 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T19:44:53Z |
| indexdate | 2024-07-10T09:31:37Z |
| institution | BVB |
| isbn | 9783896444813 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033575012 |
| open_access_boolean | |
| physical | 1 Online-Ressource (170 Seiten) 10 b&w ills., 27 b&w tables |
| psigel | ZDB-54-DHP |
| publishDate | 2020 |
| publishDateSearch | 2020 |
| publishDateSort | 2020 |
| publisher | Verlag Wissenschaft & Praxis |
| record_format | marc |
| series2 | Studienreihe der Stiftung Kreditwirtschaft an der Universität Hohenheim |
| spelling | Johannsen, Matthias Verfasser aut Stock Price Reaction to Earnings Information Matthias Johannsen 1st ed Berlin Verlag Wissenschaft & Praxis 2020, c2010 1 Online-Ressource (170 Seiten) 10 b&w ills., 27 b&w tables txt rdacontent c rdamedia cr rdacarrier Studienreihe der Stiftung Kreditwirtschaft an der Universität Hohenheim Duncker & Humblot GmbH This work investigates the reaction of capital market participants to information contained in financial statements of German public limited companies. The application of accounting standards requires discretion which may be exercised to pursue opportunistic incentives or incentives to increase the information content of financial statements. This work explores these issues and is structured in two main parts. Using annual data of 850 firms listed on German stock exchanges for the years 1990 to 2003 it is shown in the first part that stock prices react only gradually to earnings information. This finding supports the post-earnings announcement drift. In the second part it is demonstrated that for cases with incentives for opportunistic earnings management and with high (low) degrees of earnings management, share prices react more (less) gradually to earnings information abnormal returns accounting standard setters earnings information earnings management market efficiency post-earnings-announcement drift risk-based investigation Stock Price Reaction https://elibrary.duncker-humblot.com/9783896444813 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Johannsen, Matthias Stock Price Reaction to Earnings Information abnormal returns accounting standard setters earnings information earnings management market efficiency post-earnings-announcement drift risk-based investigation Stock Price Reaction |
| title | Stock Price Reaction to Earnings Information |
| title_auth | Stock Price Reaction to Earnings Information |
| title_exact_search | Stock Price Reaction to Earnings Information |
| title_exact_search_txtP | Stock Price Reaction to Earnings Information |
| title_full | Stock Price Reaction to Earnings Information Matthias Johannsen |
| title_fullStr | Stock Price Reaction to Earnings Information Matthias Johannsen |
| title_full_unstemmed | Stock Price Reaction to Earnings Information Matthias Johannsen |
| title_short | Stock Price Reaction to Earnings Information |
| title_sort | stock price reaction to earnings information |
| topic | abnormal returns accounting standard setters earnings information earnings management market efficiency post-earnings-announcement drift risk-based investigation Stock Price Reaction |
| topic_facet | abnormal returns accounting standard setters earnings information earnings management market efficiency post-earnings-announcement drift risk-based investigation Stock Price Reaction |
| url | https://elibrary.duncker-humblot.com/9783896444813 |
| work_keys_str_mv | AT johannsenmatthias stockpricereactiontoearningsinformation |