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The Impact Of Interim Earnings Announcements On The Permanent Price Effects Of Trades On The Helsinki Stock Exchange
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Book Synopsis The Impact of Interim Earnings Announcements on the Permanent Price Effects of Trades on the Helsinki Stock Exchange by : Markku J. Vieru
Download or read book The Impact of Interim Earnings Announcements on the Permanent Price Effects of Trades on the Helsinki Stock Exchange written by Markku J. Vieru and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The primary goal of this paper is to study whether the permanent price impact of large trades are greater before or after an interim earnings announcement on the Helsinki Stock Exchange. If the permanent price effects of large trades are greater before the announcement this would suggest that investors believe that some traders are better informed before the interim earnings announcement than after. Theoretical support is available that information asymmetry is greater prior to earnings announcements than after. The anticipation of a forthcoming public announcement stimulates the acquisition of private information, causing an increase in information asymmetry. This increase is facilitated by the flow of earnings-related information to the market (e.g., via pre-announcement communications by firms, actual earnings announcements of competitors, etc.). Thus investors gather information, make assessments, and form trading positions accordingly. In addition, compared to individuals (small investors), institutions (large investors) are better informed because they tend to have lower marginal costs of information gathering. Thus large trades are expected be monitored more closely on the trading screen and the information content for pricing purposes is expected to be larger for these trades than for corresponding small trades. Using permanent price effects as a measure of price adjustment for private information, tests were performed to see whether price adjustments are greater in pre-announcement periods than in post-announcement periods. The results, based on interim earnings releases, suggest that large trades do indeed produce greater permanent price effects before an announcement than after it. This suggests that large trades associated with price changes (especially uptick trades) before an announcement send a stronger signal to other investors than similar trades after the announcement. For small trades the results were insignificant.
Book Synopsis Impact of Investors' Trading Activity to Post-Earnings Announcement Drift by : Markku J. Vieru
Download or read book Impact of Investors' Trading Activity to Post-Earnings Announcement Drift written by Markku J. Vieru and published by . This book was released on 2005 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study focuses on post-earnings-announcement drift in an emerging market and whether it is associated with the trading activity of non-institutional trading around interim earnings announcements. We separate the stock trading activity of Finnish households into five trading classes. Data is all trades executed on the Helsinki Stock Exchange during 1996-2000. Results show that when earnings news contains only moderate price effects no clear evidence is found to show that trading by any of the specified non-institutional trading activity classes is particularly associated with price changes. However, excess buying of passive and intermediate individual investors after extremely negative earnings news seems to intensify the negative post-earnings returns. Also for extremely positive earnings news trading by individuals seems to be related to the post-earnings returns. In that sense post-earnings returns are related with the trading of non-institutional activity classes. However, the net trading of non-institutional investors with different trading activities on the announcement day does not affect the correlation between earnings surprises and subsequent returns. This suggests that the net trading of non-institutional investors' trading activity on the announcement event does not predict subsequent returns. Thus this result is consistent with that of Hirshleifer, Myers, Myers and Teoh (2003).
Book Synopsis ICTERI 2021 Workshops by : Oleksii Ignatenko
Download or read book ICTERI 2021 Workshops written by Oleksii Ignatenko and published by Springer Nature. This book was released on 2022-09-13 with total page 575 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains the workshops papers presented at the 17th International Conference on Information and Communication Technologies in Education, Research, and Industrial Applications, ICTERI 2021, held in Kherson, Ukraine, in September-October 2021. The 33 revised full papers and 4 short papers included in this volume were carefully reviewed and selected from 105 initial submissions. The papers are organized according to the following workshops: 9th International Workshop on Information Technology in Economic Research (ITER 2021); 5th International Workshop on Methods, Resources and Technologies for Open Learning and Research (MROL 2021); International Workshop RMSEBT 2021: Rigorous Methods in Software Engineering and Blockchain Technologies; 7th International Workshop on Theory of Reliability and Markov Modeling for Information Technologies (TheRMIT 2021); 1st Ukrainian Natural Language Processing Workshop (UNLP 2021).
Book Synopsis Use of Different Trading Environments Around Interim Earnings Announcements on the Helsinki Stock Exchange by : Markku J. Vieru
Download or read book Use of Different Trading Environments Around Interim Earnings Announcements on the Helsinki Stock Exchange written by Markku J. Vieru and published by . This book was released on 2002 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper tests the hypothesis that an anticipated information event (e.g. interim earnings announcement) affects the use of trading venues. Data from the Helsinki Stock Exchange are used where an upstairs market co-exists with an anonymous downstairs market. Trades are classified also as in-house trades and externalised trades. In this study, evidence is found that before the announcement event, the proportion of cross-broker trading in the downstairs market increases compared with trading in this mode during a non-announcement period. Correspondingly in-house trades in the upstairs market tend to decrease before the announcement. After the announcement upstairs trading recovers. Furthermore, the empirical findings show that the use of cross-broker trades in the downstairs market is negatively related to the trading activity and intraday price volatility during the pre-announcement period. After the announcement especially the volatility association changes resulting in increased downstairs trading with high volatility.
Book Synopsis Intraday Trading Behavior Around Interim Earnings Announcements on the Helsinki Stock Exchange by : Markku J. Vieru
Download or read book Intraday Trading Behavior Around Interim Earnings Announcements on the Helsinki Stock Exchange written by Markku J. Vieru and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of the study is to investigate whether and how an anticipated information event such as an interim earnings announcement affects intraday trading on the Helsinki Stock Exchange, the HSE. The Finnish stock market, with its special characteristics, provides a suitable forum to study the robustness of previous findings produced in more developed stock markets (e.g. the US). The article finds evidence from the HSE that the widely documented U-shape pattern in trading activity - namely heavy trading in the beginning and at the end of the trading day and relatively light trading in the middle of the day - is affected by an anticipated information event (i.e. interim earnings announcement). Before the announcement day, trading is more concentrated at the close. This is consistent with investors' heterogeneous willingness to bear expected overnight risk, which is especially prevalent before an announcement. Moreover, a somewhat greater concentration of trading on the open is evident after the announcement day, indicating unexpected overnight information. The results of the paper further indicate that the change in the trading concentration pattern is associated with announcement-related factors, such as the range of analysts' earnings forecasts, the magnitude of unexpected earnings and firm size. This association is evident for the overall change in the trading pattern and to some extent during the transition between trading and non-trading regimes.
Book Synopsis Pre-Disclosure Information Asymmetry and Information Content as a Means of Explaining Trading Volume Responses to Interim Earnings Announcements in a Thinly Traded Stock Market by : Markku J. Vieru
Download or read book Pre-Disclosure Information Asymmetry and Information Content as a Means of Explaining Trading Volume Responses to Interim Earnings Announcements in a Thinly Traded Stock Market written by Markku J. Vieru and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study contains empirical findings regarding the effect of interim earnings announcements on investors' trading behavior. The aim of the paper is to empirically investigate whether the trading volume reaction to an interim earnings announcement is associated with the information content of the announcement and the existence of pre-disclosure information asymmetry in the Finnish stock market. The reason for using Finnish data is to establish whether findings from the US in respect of explaining volume inducement around an information event also hold in thin security markets. Pre-disclosure information asymmetry is proxied by the range in analysts' earnings forecasts. Information content is proxied by beta-adjusted returns and the divergence in reported EPS from analysts' mean EPS forecast. The data consist of 118 interim earnings announcements released by 21 firms traded on the Helsinki Stock Exchange (HSE) between 1992 and 1996. It was found that the trading volume reaction is positively associated with the information content of an announcement and also to some extent with the level of pre-disclosure information asymmetry. These results are in line with Kim and Verrecchia's theoretical trading volume proposition and with empirical findings in the US markets. Thus, previous findings produced in more developed stock markets with respect to volume generation around earnings announcements also seem to be applicable to thin markets. However, the significance levels are lower than in similar US studies and the association between positive and negative news is slightly asymmetric.
Book Synopsis The Impact of Interim Earnings Report on Stock Price Changes by : Victor H. Conn
Download or read book The Impact of Interim Earnings Report on Stock Price Changes written by Victor H. Conn and published by . This book was released on 1983 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Risk Management, Strategic Thinking and Leadership in the Financial Services Industry by : Hasan Dinçer
Download or read book Risk Management, Strategic Thinking and Leadership in the Financial Services Industry written by Hasan Dinçer and published by Springer. This book was released on 2016-12-19 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a broad overview of risk management in the banking industry, with a special focus on strategic thinking and decision-making. It reveals the broader context behind decision models and approaches to risk management in the financial industry, linking the regulatory landscape for capital management and risk to strategic thinking, together with behavioral and cultural assessments.
Book Synopsis journal of multinational financial management by :
Download or read book journal of multinational financial management written by and published by . This book was released on 2002 with total page 508 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Use of Interim Earnings Information on the Helsinki Stock Exchange by : Markku J. Vieru
Download or read book Use of Interim Earnings Information on the Helsinki Stock Exchange written by Markku J. Vieru and published by . This book was released on 2004 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we study how the market uses the information on current and past interim earnings. Our hypothesis is that investors focus on a comparison of year-to-year changes in interim earnings. We provide further evidence on how the market acts in the face interim earnings announcements in an emerging market. The data is based on the Finnish market covering the years 1992-2002. We found, consistent with Ball and Bartov, evidence that investors underestimate the magnitude of the serial correlation in interim earnings. The results suggest that investors use, at least in part, a seasonal random walk model when forming earnings expectations.
Book Synopsis The Timing Effect of Earnings Reports and the Stock Market Reaction to Late-reporting Firms by : Yann-ching Tsai
Download or read book The Timing Effect of Earnings Reports and the Stock Market Reaction to Late-reporting Firms written by Yann-ching Tsai and published by . This book was released on 1989 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Information Content of British and Japanese, Annual and Interim Earnings Announcements by : Edwin R. Etter
Download or read book The Information Content of British and Japanese, Annual and Interim Earnings Announcements written by Edwin R. Etter and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper utilizes daily closing prices on the U.S., British and Japanese markets, and daily trading volume on the U.S. market to investigate whether U.S. investors find information content in British and Japanese, annual and interim earnings announcements. When examining the unexpected price reaction, the vector autoregression (VAR) model is used to filter out the price effect of the earnings announcement in the home (non-U.S.) market in order to isolate the price effect generated by U.S. investors. Results of the price analyses indicate that U.S. investors find information content in both British and Japanese earnings announcements. Next, based on the model of Holthausen and Verrecchia (1990), price and trading volume responses are analyzed concurrently to determine the effect of the foreign earnings announcements on U.S. investors' level of informedness and degree of consensus (components of the information content). In general, the analyses indicate that both British and Japanese earnings announcements increase U.S. investors' level of informedness (i.e., decrease their level of uncertainty), and that British and Japanese earnings announcements have a greater impact on U.S. investors' level of informedness than on their degree of consensus.
Book Synopsis How Investors Trade Around Interim Earnings Announcements by : Hannu J. Schadewitz
Download or read book How Investors Trade Around Interim Earnings Announcements written by Hannu J. Schadewitz and published by . This book was released on 2007 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study focuses on non-institutional trading behavior around interim earnings announcements in the emerging market. We separate the stock trading activity of Finnish households into five trading classes and compare the results to corresponding institutional trading. Data covering the years 1996-2000 shows that earnings news triggers trading in every trading classes. Before the event, especially active individuals show increased buying and selling activity compared to the non-event period. This finding supports Kim and Verrecchia's (1991a, b) proposition that announcement stimulates private information-gathering and trading. After the event we find that Finnish households in the most active investor class tend to follow a contrarian strategy, especially selling after the good news. This adds to previous evidence by Grinblatt and Keloharju (2000b). Further, individuals with active trading, perform better than the passive investors around the announcement. Finally, the impact of the announcement on institutional trading is clearly milder compared to that on the active investor classes.
Book Synopsis The Impact of Earnings Announcements on Stock Prices by : Reon Odendaal
Download or read book The Impact of Earnings Announcements on Stock Prices written by Reon Odendaal and published by . This book was released on 2015 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: The period of 2010-2012 was characterized by information uncertainty and market volatility. Information uncertainty is a critical characteristic of financial market behavior. The ability to absorb and distribute information is central to financial market efficiency. Uncertain corporate earnings information causes stock price volatility which in turn impacts stock price equilibrium levels. An event study shows a picture in time of stock price impacts when information isreleased to financial markets. This picture can give indications of the levels of financial market efficiency. This event study focusses on the earnings announcements and investigates financial market efficiency, post earnings announcement drift and the presence of abnormal returns during the assessed period. This study seeks to add to the existing literature of event studies.
Book Synopsis Earnings Announcements, Asymmetric Information, Trades and Quotes by : Jean-Francois Gajewski
Download or read book Earnings Announcements, Asymmetric Information, Trades and Quotes written by Jean-Francois Gajewski and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper empirically analyses trades and quotes around the times of 37 earnings announcements in the Paris Bourse. We find that trading volume is larger on announcement days, spreads are wider after announcements, and the permanent positive (resp. Negative) price impact of purchases (sales) is greater around announcements. While the findings pertaining to the spread and the permanent impact of trades are consistent with the view that earnings announcements correspond to an increase in information asymmetries, the result that trading volume is larger suggests that other effects are at work.
Book Synopsis Trading on Corporate Earnings News: Profiting from Targeted, Short-Term Options Positions by : John Shon
Download or read book Trading on Corporate Earnings News: Profiting from Targeted, Short-Term Options Positions written by John Shon and published by Pearson Education India. This book was released on 2011 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Investors' Trading Policy Around Interim Earnings Announcements in a Thinly Traded Securities Market by : Markku Vieru
Download or read book Essays on Investors' Trading Policy Around Interim Earnings Announcements in a Thinly Traded Securities Market written by Markku Vieru and published by . This book was released on 2000 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt:
