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Do stock prices fully reflect the implications of current earnings for future earnings for AR1 firms?

Author

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  • Brown, LD
  • Han, JCY

Abstract

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Suggested Citation

  • Brown, LD & Han, JCY, 2000. "Do stock prices fully reflect the implications of current earnings for future earnings for AR1 firms?," Journal of Accounting Research, Wiley Blackwell, vol. 38(1), pages 149-164.
    • Handle: RePEc:bla:joares:v:38:y:2000:i:1:p:149-164
    DOI: http://hdl.handle.net/10.2307/2672926
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    Citations

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    Cited by:

    1. Fink, Josef, 2021. "A review of the Post-Earnings-Announcement Drift," Journal of Behavioral and Experimental Finance, Elsevier, vol. 29(C).
    2. Chudek, Mark & Truong, Cameron & Veeraraghavan, Madhu, 2011. "Is trading on earnings surprises a profitable strategy? Canadian evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 21(5), pages 832-850.
    3. Kiran Thapa, 2013. "Stock Message Board Recommendations and Share Trading Activity," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 3-2013.
    4. Hsiao-Peng Fu, 2014. "Seasonality of Earnings Momentum in an Emerging Market: The Taiwan Experiences," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 5(1), pages 71-80, January.
    5. Baochen Yang & Yifang Liu & Yunpeng Su, 2023. "Earnings communication conferences and post‐earnings‐announcement drift: Evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(2), pages 2145-2185, June.
    6. Ganapathi Narayanamoorthy, 2006. "Conservatism and Cross‐Sectional Variation in the Post–Earnings Announcement Drift," Journal of Accounting Research, Wiley Blackwell, vol. 44(4), pages 763-789, September.
    7. He, Shuoyuan & Narayanamoorthy, Ganapathi (Gans), 2020. "Earnings acceleration and stock returns," Journal of Accounting and Economics, Elsevier, vol. 69(1).
    8. Harald SCHMIDBAUER & Eren KALAYCIO?LU, 2008. "Crude Oil and Oil-Related Turkish Company Stocks: A Volatility Analysis," EcoMod2008 23800127, EcoMod.
    9. Libby, Robert & Bloomfield, Robert & Nelson, Mark W., 2002. "Experimental research in financial accounting," Accounting, Organizations and Society, Elsevier, vol. 27(8), pages 775-810, November.
    10. Kiran Thapa, 2013. "Stock Message Board Recommendations and Share Trading Activity," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 10, July-Dece.
    11. Chu, Gang & Dowling, Michael & Shen, Dehua & Zhang, Yongjie, 2023. "Information demand density matters: Evidence from the post-earnings announcement drift," International Review of Financial Analysis, Elsevier, vol. 86(C).
    12. Truong, Cameron, 2010. "Post earnings announcement drift and the roles of drift-enhanced factors in New Zealand," Pacific-Basin Finance Journal, Elsevier, vol. 18(2), pages 139-157, April.
    13. Henk Berkman & Cameron Truong, 2009. "Event Day 0? After‐Hours Earnings Announcements," Journal of Accounting Research, Wiley Blackwell, vol. 47(1), pages 71-103, March.
    14. Kothari, S. P., 2001. "Capital markets research in accounting," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 105-231, September.
    15. Balakrishnan, Karthik & Bartov, Eli & Faurel, Lucile, 2010. "Post loss/profit announcement drift," Journal of Accounting and Economics, Elsevier, vol. 50(1), pages 20-41, May.
    16. Josef Fink, 2020. "A Review of the Post-Earnings-Announcement Drift," Working Paper Series, Social and Economic Sciences 2020-04, Faculty of Social and Economic Sciences, Karl-Franzens-University Graz.
    17. Baker, H. Kent & Ni, Yang & Saadi, Samir & Zhu, Hui, 2019. "Competitive earnings news and post-earnings announcement drift," International Review of Financial Analysis, Elsevier, vol. 63(C), pages 331-343.
    18. Yoshie Saito, 2012. "The demand for accounting information: young NASDAQ listings versus S&P 500 NYSE listings," Review of Quantitative Finance and Accounting, Springer, vol. 38(2), pages 149-175, February.
    19. Sean Shun Cao & Ganapathi S. Narayanamoorthy, 2012. "Earnings Volatility, Post–Earnings Announcement Drift, and Trading Frictions," Journal of Accounting Research, Wiley Blackwell, vol. 50(1), pages 41-74, March.
    20. Yaowen Shan & Stephen Taylor & Terry Walter, 2013. "Fundamentals or Managerial Discretion? The Relationship between Accrual Variability and Future Stock Return Volatility," Abacus, Accounting Foundation, University of Sydney, vol. 49(4), pages 441-475, December.
    21. Lorek, Kenneth S., 2014. "A critical assessment of the time-series literature in accounting pertaining to quarterly accounting numbers," Advances in accounting, Elsevier, vol. 30(2), pages 315-321.
    22. Kim, Jeong-Bon & Li, Liuchuang & Yu, Zhongbo & Zhang, Hao, 2019. "Local versus non-local effects of Chinese media and post-earnings announcement drift," Journal of Banking & Finance, Elsevier, vol. 106(C), pages 82-92.
    23. Chen, Xing & Diao, Xundi & Wu, Chongfeng, 2022. "Heterogeneous investor attention and post earnings announcement drift: Evidence from China," Economic Modelling, Elsevier, vol. 110(C).

    More about this item

    Keywords

    Future earnings; Stock price; AR1 Model for earnings; Information environment;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation

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