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Årsregnskabsmeddelelser – aktiemarkedets effektivitet og dets forventninger

Author

Listed:
  • Lønroth, Helle L.

    (Videns- og Forskningscenter for Alternativ Behandling)

  • Møller, Peder Fredslund

    (Institut for Regnskab, Handelshøjskolen i Århus)

  • Thinggaard, Frank

    (Institut for Regnskab, Handelshøjskolen i Århus)

Abstract

This article uses the event study method to examine the efficiency of the Danish stock market with respect to earnings announcements and its expectations as to the content of these announcement. Our results show that earnings announcements still contain information relevant to the stock market, and – in contrast to the results obtained in a similar study by Sørensen (1982) – that the Danish stock market is now fairly efficient in this area: the market reacts more quickly than before, and generally has correct expectations regarding the content of earnings announcements. Furthermore, the results indicate that the market’s expectations are now formed in a more sophisticated manner than was the case17 years ago.

Suggested Citation

  • Lønroth, Helle L. & Møller, Peder Fredslund & Thinggaard, Frank, 2000. "Årsregnskabsmeddelelser – aktiemarkedets effektivitet og dets forventninger," Nationaløkonomisk tidsskrift, Nationaløkonomisk Forening, vol. 2000(1), pages 189-204.
    • Handle: RePEc:hhs:jdaecn:0284
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    More about this item

    Keywords

    aktiemarkedet: effektivitet;

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General

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