The Announcement Effect Of Profit Warnings PDF Download
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Author | : Jonas Romer |
Publisher | : |
Total Pages | : |
Release | : 2014 |
Genre | : |
ISBN | : |
Download The Announcement Effect of Profit Warnings Book in PDF, ePub and Kindle
This thesis analyses the announcement effect of profit warnings in the Swiss Stock Market between 2002 and 2012 by using the Carhart (1997) four-factor model and tests the influence of stock uncertainty and precision of news on the magnitude of the announcement effect. Depending on the event window, the results of the analysis are very different. During the period prior to the announcement, no anticipation or insider trading can be measured. Thus, during this period, the Swiss Stock Market seems to behave efficiently. During the main announcement window, e.g. the day of the announcement and one day after, a large announcement effect of -11% abnormal return can be measured. Once again, this points towards an efficient market reaction. However, following this main announcement window, a short-term drift of up to 19 trading days after the announcement can be measured. This short-term drift proves to be especially strong for stocks of high uncertainty firms, such as young or small firms. Using a short-selling short-term drift exploitation portfolio, investors could have earned high risk-adjusted profits that exceed by far the returns of an investment in the SPI. Thus, over the short-term, the Swiss Stock Market behaves inefficiently. Over the long-term, a long-term reversal could be measured, however only with low significance. While the short-term drift was most likely due to inefficient market behaviour, it is suggested that the long-term drift represents the efficient market reaction to new positive news of warning firms, which successfully entered into recovery. In line with this interpretation, it was shown that a trading strategy aiming to exploit the long-term drift would not have gained any risk-adjusted profits in comparison with the SPI. Thus, over the long-term, the Swiss Stock Market behaves efficiently. Finally, it was found that the market reacts stronger to quantitative warnings than to qualitative warnings. It is sug.
Author | : Dave Jackson |
Publisher | : |
Total Pages | : |
Release | : 2003 |
Genre | : |
ISBN | : |
Download Profit Warnings and Timing Book in PDF, ePub and Kindle
We find that profit-warning announcements elicit a strong negative market response that is not sensitive to timing of the warning in advance of the earnings announcement. Share prices begin to adjust about five days before a profit warning, and the market response is not complete until about five days after the warning. The accumulated response over the 11-day period ending five days after the announcement is -21.7%. The profit warning effect over the two-day announcement period is 32 times the valuation effect upon subsequent release of the actual earnings. There is no evidence of a reversal after this period, and therefore no sign that the market response is excessive.
Author | : Ioannis Krassas |
Publisher | : |
Total Pages | : 0 |
Release | : 2007 |
Genre | : |
ISBN | : |
Download Investor Reactions to Profit Warnings Book in PDF, ePub and Kindle
Author | : Edward Sun |
Publisher | : |
Total Pages | : 166 |
Release | : 2002 |
Genre | : Stock exchanges and current events |
ISBN | : |
Download The Impact and Determinates of Profit Warnings Announcements on Equity Value Book in PDF, ePub and Kindle
Author | : Yu-Chun Wu |
Publisher | : |
Total Pages | : 200 |
Release | : 2003 |
Genre | : Disclosure of information |
ISBN | : |
Download Profit Warning Announcement and the Managements Motivation to Warn Within the OPM Framework Book in PDF, ePub and Kindle
Author | : American Bar Association. House of Delegates |
Publisher | : American Bar Association |
Total Pages | : 216 |
Release | : 2007 |
Genre | : Law |
ISBN | : 9781590318737 |
Download Model Rules of Professional Conduct Book in PDF, ePub and Kindle
The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Author | : Hersh Shefrin |
Publisher | : College Ie Overruns |
Total Pages | : 300 |
Release | : 2017-04-16 |
Genre | : Corporations |
ISBN | : 9781259254864 |
Download Behavioral Corporate Finance Book in PDF, ePub and Kindle
Author | : Christian Richter |
Publisher | : LIT Verlag Münster |
Total Pages | : 197 |
Release | : 2008 |
Genre | : Capital market |
ISBN | : 3825816141 |
Download Bounded Rationality in Economics and Finance Book in PDF, ePub and Kindle
The dominant hypothesis in mainstream economics is the assumption of prefect rationality. However, there are two dilemmas: Whenever this assumption was used empirical evidence turned out to be against it. Secondly, this assumption is far from reality, for example, because individuals usually do not possess all relevant information. Therefore, this volume addresses issues of bounded rationality in different areas. The first part investigates bounded rationality in financial markets, the second part investigates the effects of bounded rationality on industrial organizations and the third part deals with bounded rationality in price theory, environmental economics and public management.
Author | : Cheng Few Lee |
Publisher | : World Scientific |
Total Pages | : 345 |
Release | : 2007-07-27 |
Genre | : Business & Economics |
ISBN | : 9814475548 |
Download Advances In Quantitative Analysis Of Finance And Accounting (Vol. 5) Book in PDF, ePub and Kindle
News Professor Cheng-Few Lee ranks #1 based on his publications in the 26 core finance journals, and #163 based on publications in the 7 leading finance journals (Source: Most Prolific Authors in the Finance Literature: 1959-2008 by Jean L Heck and Philip L Cooley (Saint Joseph's University and Trinity University). Advances in Quantitative Analysis of Finance and Accounting is an annual publication designed to disseminate recent developments in the quantitative analysis of finance and accounting. The publication is a forum for statistical and quantitative analyses of issues in finance and accounting as well as applications of quantitative methods to problems in financial management, financial accounting, and business management. Its objective is to promote interaction between academic research in finance and accounting with applied research in the financial community and the accounting profession.The chapters in this volume cover a wide range of pressing topics including security analysis and mutual fund management, option pricing theory and application, interest rate spread, and electricity pricing.
Author | : Dr. John Ntoiti, Dr. Samuel Kanga Odalo, Batista J. Mariko |
Publisher | : AJPO Journals USA LLC |
Total Pages | : 127 |
Release | : 2022-02-17 |
Genre | : Business & Economics |
ISBN | : 9914745571 |
Download Effects of Government Regulations on Financial Performance Book in PDF, ePub and Kindle
TOPICS IN THE BOOK Contribution of Government Regulations to Financial Distress Facing Local Authorities in Kenya Influence of Interest Rate on the Financial Performance of Agricultural Firms Listed at the Nairobi Securities Exchange Influence of Liquidity on the Financial Performance of Agricultural Firms Listed at the Nairobi Securities Exchange Effect of New Information from Rights Issue Announcement on Share Prices of Firm’s Listed on the Nairobi Security Exchange Effect of Volume of Shares Traded on Share Prices of Firm’s Listed on Nairobi Security Exchange Effect of Information Adjustment Time on Share Prices for Firm’s Listed on the Nairobi Security Exchange