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Author : Ulrich Pelz
Publisher :
ISBN 13 :
Total Pages : 564 pages
Book Rating : 4.:/5 (298 download)
Download or read book The Influence of Quarterly Earnings Announcements on Stock Market Behavior written by Ulrich Pelz and published by . This book was released on 1976 with total page 564 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert G. May
Publisher :
ISBN 13 :
Total Pages : 360 pages
Book Rating : 4.3/5 (129 download)
Download or read book The Influence of Quarterly Earnings Announcements on Investor Decisions as Reflected in Common Stock Price Changes written by Robert G. May and published by . This book was released on 1970 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John Shon
Publisher : FT Press
ISBN 13 : 0132615851
Total Pages : 225 pages
Book Rating : 4.1/5 (326 download)
Download or read book Trading on Corporate Earnings News written by John Shon and published by FT Press. This book was released on 2011-03-09 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: Profit from earnings announcements, by taking targeted, short-term option positions explicitly timed to exploit them! Based on rigorous research and huge data sets, this book identifies the specific earnings-announcement trades most likely to yield profits, and teaches how to make these trades—in plain English, with real examples! Trading on Corporate Earnings News is the first practical, hands-on guide to profiting from earnings announcements. Writing for investors and traders at all experience levels, the authors show how to take targeted, short-term option positions that are explicitly timed to exploit the information in companies’ quarterly earnings announcements. They first present powerful findings of cutting-edge studies that have examined market reactions to quarterly earnings announcements, regularities of earnings surprises, and option trading around corporate events. Drawing on enormous data sets, they identify the types of earnings-announcement trades most likely to yield profits, based on the predictable impacts of variables such as firm size, visibility, past performance, analyst coverage, forecast dispersion, volatility, and the impact of restructurings and acquisitions. Next, they provide real examples of individual stocks–and, in some cases, conduct large sample tests–to guide investors in taking advantage of these documented regularities. Finally, they discuss crucial nuances and pitfalls that can powerfully impact performance.
Author : VICTOR L. BERNARD
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.L/5 ( download)
Download or read book STOCK PRICE REACTIONS TO EARNINGS ANNOUNCEMENTS: A written by VICTOR L. BERNARD and published by . This book was released on 1992 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John Shon
Publisher : Pearson Education
ISBN 13 : 0132659549
Total Pages : 23 pages
Book Rating : 4.1/5 (326 download)
Download or read book Why Are Earnings Announcements So Important to Traders and Investors? written by John Shon and published by Pearson Education. This book was released on 2011-03-16 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Element is an excerpt from Trading on Corporate Earnings News: Profiting from Targeted, Short-Term Options Positions (9780137084920) by John Shon, Ph.D., and Ping Zhou, Ph.D. Available in print and digital formats. Understand those crucial quarterly earning announcements: how they work, and how they impact stock prices. Quarterly earnings announcement are the most salient, most anticipated, regularly-recurring announcement that companies make. They are the most watched piece of information that comes directly from the people that know the business the best. They are also considered the most reliable source of information, largely because companies are subject to strict SEC Rule 10b-5 rules...
Author : Yann-ching Tsai
Publisher :
ISBN 13 :
Total Pages : 174 pages
Book Rating : 4.:/5 ( download)
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:
Author : Sitangshu Khatua
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book The Impact of Firm-Specific News Like Quarterly Earnings Announcements on Stock Beta written by Sitangshu Khatua and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Stock market overreacts to both anticipated and unanticipated stock-specific news. In spite of any firm-specific news, evidences of extreme price changes have been observed in the stock market. Significant abnormal returns are found in the opposite direction indicating the existence of an overreaction effect. It is also found that the magnitude of reversal is inversely proportional to the event-period stock returns. The overreaction effect continues only about two days after the event date for this present sample. Thus, the ultimate understanding of overreaction effects in preparing trading strategies will perk up investors' returns. Changes in beta are found more statistically significant where the most learning is possible, like in the case of more earnings surprise (good or bad news), smaller firms, higher amount of volatility or uncertainty, or announcements that come early rather than late in the announcement season.
Author : Leonard Zacks
Publisher : John Wiley & Sons
ISBN 13 : 1118127765
Total Pages : 352 pages
Book Rating : 4.1/5 (181 download)
Download or read book The Handbook of Equity Market Anomalies written by Leonard Zacks and published by John Wiley & Sons. This book was released on 2011-08-24 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investment pioneer Len Zacks presents the latest academic research on how to beat the market using equity anomalies The Handbook of Equity Market Anomalies organizes and summarizes research carried out by hundreds of finance and accounting professors over the last twenty years to identify and measure equity market inefficiencies and provides self-directed individual investors with a framework for incorporating the results of this research into their own investment processes. Edited by Len Zacks, CEO of Zacks Investment Research, and written by leading professors who have performed groundbreaking research on specific anomalies, this book succinctly summarizes the most important anomalies that savvy investors have used for decades to beat the market. Some of the anomalies addressed include the accrual anomaly, net stock anomalies, fundamental anomalies, estimate revisions, changes in and levels of broker recommendations, earnings-per-share surprises, insider trading, price momentum and technical analysis, value and size anomalies, and several seasonal anomalies. This reliable resource also provides insights on how to best use the various anomalies in both market neutral and in long investor portfolios. A treasure trove of investment research and wisdom, the book will save you literally thousands of hours by distilling the essence of twenty years of academic research into eleven clear chapters and providing the framework and conviction to develop market-beating strategies. Strips the academic jargon from the research and highlights the actual returns generated by the anomalies, and documented in the academic literature Provides a theoretical framework within which to understand the concepts of risk adjusted returns and market inefficiencies Anomalies are selected by Len Zacks, a pioneer in the field of investing As the founder of Zacks Investment Research, Len Zacks pioneered the concept of the earnings-per-share surprise in 1982 and developed the Zacks Rank, one of the first anomaly-based stock selection tools. Today, his firm manages U.S. equities for individual and institutional investors and provides investment software and investment data to all types of investors. Now, with his new book, he shows you what it takes to build a quant process to outperform an index based on academically documented market inefficiencies and anomalies.
Author : James M. Patell
Publisher :
ISBN 13 :
Total Pages : 45 pages
Book Rating : 4.:/5 (788 download)
Download or read book The Ex Ante and Ex Post Price Effects of Quarterly Earnings Announcements Reflected in Option and Stock Prices written by James M. Patell and published by . This book was released on 1981 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : T. Mallikarjunappa
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book A Study of Quarterly Earnings Announcement and Stock Price Reactions written by T. Mallikarjunappa and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of the study is to investigate whether there are any significant abnormal returns around the quarterly earnings announcement and to examine whether the semi-strong form of Efficient Market Hypothesis (EMH) applies to the Indian stock market. This study focuses on the BSE200 index-based companies listed on the Bombay Stock Exchange (BSE) and uses quarterly earnings announcement as an event. We use event study methodology to examine the behavior of the stock prices. The results show that the security prices are predictable based on quarterly earnings announcement information and predictability can generate abnormal profits.
Download or read book The Disposition Effect and Investors' Reaction to Earnings Announcements written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the way in which the disposition effect, which is the tendency to realize gains before losses, influences investors' reaction to earnings announcements. The research investigates the impact of this behavioral bias both in the announcement window and in the medium term, using a single sample for both the analyses; the sample covers earnings announcements of US stocks between year 1992 and 2014. I find that those stocks that are in aggregate loss tend to perform better during the announcement window than those that are in aggregate gain, ceteris paribus. In the medium term, this market inefficiency is cancelled out, and those stocks that are in positive capital gain at the moment of the announcement perform better in the following sixty trading days than those trading at a loss; the relative difference in performance generates quarterly alphas of almost 300 basis points. The influence of the disposition effect is also certified by a reversion of this reaction for those earnings announcements that take place during December; due to tax reasons, investors realize losses rather than gains during December, producing then an opposite reaction to earnings announcements. The final proof of the influence of the disposition effect comes from the analysis of volumes: during the announcement window, investors are more prone to trade stocks that are in aggregate gain, generating thus a higher trading volume for these stocks; this effect is reverted during December.
Author : Morton Philip Kruger Pincus
Publisher :
ISBN 13 :
Total Pages : 204 pages
Book Rating : 4.:/5 (113 download)
Download or read book Information Characteristics of Accounting Earnings Announcements and Stock Market Behavior written by Morton Philip Kruger Pincus and published by . This book was released on 1982 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ameer Gakhar Sultan
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (144 download)
Download or read book The Effect of Earnings Announcement Distraction on Individual Trading Behaviour written by Ameer Gakhar Sultan and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research has shown that trading decisions by individual investors are influenced by behavioural factors such as attention effects. The literature examining the effects of attention on individual trading behaviour measures attention using proxies such as abnormal trading volume and stocks covered in the media. These proxies do not separate the effect of trading due to changing fundamentals from attention-based trading. I use the distraction caused by earning announcements to study the effect of attention on individual trading behaviour. Consistent with the literature, I find that investors net buy stocks with extreme positive and extreme negative earnings. However, this result is only significant when investors are most attentive (least distracted); that is, on days when the number of competing announcements is low. On high distraction days when investors make the wrong trading decision initially, they amend their prior trading decision after a lag (delayed reaction) when they eventually observe the true earnings of the stock. The most active investors amend this prior trading decision before relatively nonactive investors do. The delayed reaction by active investors is not portrayed for stocks with no analyst coverage, as evident in consistent net buying. The results remain robust even if surprise is measured using analyst forecasts; announcement distractions are limited to announcements in similar or very different industries.
Author : Anwer S. Ahmed
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book An Empirical Analysis of the Effects of Online Trading on Stock Price and Trading Volume Reactions to Earnings Announcements written by Anwer S. Ahmed and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study provides evidence on the effects of online trading on stock price and trading volume reactions to quarterly earnings announcements. We test for differences in stock price and volume reactions to quarterly earnings announcements between a period with a significant amount of online trading (1996-1999) and a period without online trading (1992-1995). We conjecture that online trading has increased the proportion of naive investors in the market. We predict that this will result in (i) a decrease in the average precision of investor information prior to earnings announcements implying higher ERCs, (ii) an increase in differential interpretation of earnings leading to higher trading volume reactions that are unrelated to price change, and (iii) a decrease in differential prior precision leading to a decrease in the association between trading volume and absolute price change. We find evidence consistent with all three predictions. Our findings are relevant for assessing the validity of concerns about online trading expressed by regulators and the validity of theoretical models of trade with asymmetrically informed investors.
Author : William Kross
Publisher :
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4.:/5 (641 download)
Download or read book An Empirical Investigation of the Effect of Quarterly Earnings Announcement Timing on Stock Returns written by William Kross and published by . This book was released on 1984 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael Nemtsev
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (11 download)
Download or read book On the Relationship Between Stock Price Performance and Quarterly Earnings Announcements written by Michael Nemtsev and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis examines the reaction of stock prices to higher or lower-than-expected announcements of quarterly earnings and future earnings guidance. Expectations are proxied by mean analyst forecasts. For the analysis, we employ an event study with a 41-day event window, daily observation interval and use the market model to calculate abnormal returns. We found that higher-than-expected announcements of current earnings occur more often, but reactions to lower-than-expected announcements are stronger. In contrast, we found that announcements of future earnings guidance and reactions towards them were balanced. In a comparison between reactions to current earnings and future earnings guidance, we found that return behaviour is more strongly related to future earnings guidance.
Author : Ping Zhou
Publisher : Financial Times/Prentice Hall
ISBN 13 : 9780132947398
Total Pages : 0 pages
Book Rating : 4.9/5 (473 download)
Download or read book Option Strategies for Earnings Announcements written by Ping Zhou and published by Financial Times/Prentice Hall. This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: By trading on corporate earnings, investors can reliably profit in both up and down markets, while avoiding market risk for nearly the entire quarter. In this book, two leading traders and portfolio managers present specific, actionable techniques anyone can use to capture these sizable profits. Ping Zhou and John Shon have performed an unprecedented empirical analysis of thousands of stocks, reviewing tens of millions of data points associated with option prices, earnings announcement returns, and fundamentals. Their massive analysis has identified consistent opportunities associated with focusing on the magnitude of the market's reaction to earnings, not its direction. Option Trading Set-Ups for Corporate Earnings News offers concrete guidance for improving the likelihood of making correct forecasts, and managing the risks of incorrect forecasts. It introduces several ways to exploit option trading opportunities around earnings news, discuss crucial issues that most retail investors haven't considered, and explore aspects of earnings-related option trading that have never been empirically examined and documented before. For example, they identify hidden patterns and potential opportunities based on valuation, industry, volatility, analyst forecasts, seasonality, and trades that immediately follow earnings announcements. Simply put, trading on earnings reports offers immense profit opportunities, if you know how. This book provides incontrovertible facts and detailed strategies, not just theories and anecdotes!
