IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

Estudio Del Efecto Informativo Del Anuncio De Beneficios Trimestrales

Listed author(s):
  • Begoña Herrero


    (Universitat de València)

  • Ana María Ibáñez

    (Universitat de València)

  • Constantino José García

    (Universitat de València)

Registered author(s):

    In this research we investigate whether quarterly earnings announcements are informative using awide sample of firms listed in the Spanish Stock Market (SIBE). We study the period comprised between thethird quarterly of 2002 and the fourth quarterly of 2003. We analyse whether abnormal returns are related tothe quarter in which the announcement is released, whether the announcement implies good or bad news forthe firm, the source of the information, the size of the firm and whether the firm is followed by analysts.Results show that quarterly earnings announcements are informative. We also obtain evidence of a possibleuse of insider information in the case of the announcements disclosed in the first quarterly of the year, thoserelated to small firms and to firms not followed by analysts. Se pretende comprobar si el anuncio de beneficios trimestrales tiene contenido informativo a través del estudio de la rentabilidad de títulos cotizados en el mercado continuo español para el período que abarca del tercer trimestre del 2000 al cuarto trimestre del 2002. Se analiza la presencia de rentabilidades anormales con la metodología del suceso y se incide en diferentes aspectos como son: el trimestre al que el anuncio hace referencia, el carácter positivo o negativo del beneficio, la fuente de información, el tamaño de la empresa y si se trata de una empresa seguida por analistas financieros o no. Los resultados obtenidos confirman la existencia de contenido informativo en los anuncios de beneficios trimestrales y presentan indicios de utilización de información privilegiada en la publicación de anuncios de beneficios correspondientes al primer trimestre del año y en el caso de empresas pequeñas y de empresas no seguidas por los analistas.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    File Function: Fisrt version / Primera version, 2005
    Download Restriction: no

    Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 2005-05.

    in new window

    Length: 65 pages
    Date of creation: Feb 2005
    Publication status: Published by Ivie
    Handle: RePEc:ivi:wpasec:2005-05
    Contact details of provider: Postal:
    C/ Guardia Civil, 22, Esc 2a, 1o, E-46020 VALENCIA

    Phone: +34 96 319 00 50
    Fax: +34 96 319 00 55
    Web page:

    More information through EDIRC

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:ivi:wpasec:2005-05. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Departamento de Edición)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.