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| Author | : Y. Gao |
| Publisher | : |
| Total Pages | : 15 |
| Release | : 2002 |
| Genre | : Market segmentation |
| ISBN | : |
Investigates the trading activities of two distinct classes of shareholders, namely, the Chinese domestic investors and the foreign investors in the segmented Chinese A-share and B-share markets.
| Author | : Michael D. Kimbrough |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2022 |
| Genre | : |
| ISBN | : |
We use high frequency consumer perception data to conduct the first event study of consumers' perceptual responses to earnings announcements. We find that consumers' attention to brands is heightened around earnings announcements. Moreover, we document that the change in consumers' overall perception of a brand at the time of the earnings announcement is positively associated with earnings news. Stated alternatively, we document a positive and statistically significant consumer earnings response coefficient (CERC). We document variation in CERC based on brand, consumer, and earnings characteristics. Changes in consumer perceptions at the time of the earnings announcement are positively associated with leading indicators of future sales and with changes in realized future sales growth. Our findings demonstrate the importance of earnings to one of the firm's most important stakeholders as well as the real economic effects of their responses to earnings news.
| Author | : Kam C. Chan |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 368 |
| Release | : 2007-01-01 |
| Genre | : Business & Economics |
| ISBN | : 9781847205315 |
'This book is a welcome addition to Edward Elgar's series on the Chinese economy. It provides a wealth of information on the historical development and the current state of the Chinese financial system. Particularly useful for readers who do not have access to the original Chinese literature are the overviews of each market and the many detailed accounts of the historical development of markets and regulations.' - Nicolaas Groenewold, Pacific Affairs
| Author | : Gregory S. Miller |
| Publisher | : |
| Total Pages | : 49 |
| Release | : 2013 |
| Genre | : |
| ISBN | : |
This paper identifies cross-sectional factors that motivate the disclosure of forward-looking earnings information and documents that these disclosures impact market prices by quot;pulling forwardquot; future earnings information. We examine a set of firms facing poor current earnings performance, undervaluation concerns, investor neglect and extreme pessimism and find significant cross-sectional variation regarding whether these firms provide forward-looking earnings information to correct market misperceptions in advance of the earnings announcement. Consistent with existing theory, firms with stronger and more persistent earnings news are more likely to provide forward-looking disclosures during the turnaround period. Moreover, we find that firms operating in high litigation industries, possessing strong institutional ownership, having greater stock option-based compensation and facing larger non-equity stakeholders are more likely to provide disclosures. Alternatively, we find evidence that the use of alternative financial signaling mechanisms (share repurchases and dividend increases) lowers the probability that managers will make forward-looking disclosures. Market-based tests indicate that the disclosed information is value-relevant. The market responds in a significantly positive manner to forecasts of earnings (i.e., forward-looking statements provided outside of earnings announcements) as well as to forward-looking statements bundled in current earnings announcements (after controlling for the current period's earnings information). Furthermore, these responses are positively correlated with future seasonally-adjusted changes in earnings, indicating the disclosures are effective in pulling forward future mandatory information. Finally, the market reaction to the announcements of previously preempted earnings is less than that of unpreempted earnings, providing additional evidence that the disclosures are effectively pulling-forward the eventual mandatory earnings information.
| Author | : Cheng F. Lee |
| Publisher | : Center for PBBEFR & Ainosco Press |
| Total Pages | : |
| Release | : 2018-01-01 |
| Genre | : Business & Economics |
| ISBN | : 9866286746 |
Advances in Financial Planning and Froecasting (New Series) is an annual publication designed to disseminate developments in the area of financial analysis, planning, and forecasting. The publication is a froum for statistical, quantitative, and accounting analyses of issues in financial analysis and planning in terms of finance, accounting, and economic data.
| Author | : Chris Adcock |
| Publisher | : Taylor & Francis |
| Total Pages | : 336 |
| Release | : 2020-12-17 |
| Genre | : Business & Economics |
| ISBN | : 1000217000 |
In the past China’s capital market featured prevalent state ownership and a weak legal environment. It has, however, achieved very substantial development in the past two decades. China has surpassed Japan as the world’s second-largest stock market and has also emerged as a leading player in green bonds and Fintech markets. The chapters in this book provide insights on Chinese listed firms and advance the understanding of China’s unique institutions. Some important questions are covered including the governance role of foreign investors in partially privatized firms, the financial implications of political connections, the "Chinese model" of commercial banks and regulatory reforms that promote the marketization of the stock markets, among others. These studies have important implications for other emerging economies, on the recent China-US trade conflicts and about the Trump administration's complaints about the role of the Chinese government in capital markets. This book selectively includes the most influential articles from two special issues of The European Journal of Finance, which were based on selections of papers presented at a series of conferences on the Chinese Capital Markets.
| Author | : Lynn L. Rees |
| Publisher | : |
| Total Pages | : 47 |
| Release | : 2019 |
| Genre | : |
| ISBN | : |
We investigate the relation between media coverage and the trading behavior of short sellers around earnings announcements, an event which garners significant market attention. Prior research finds conflicting evidence on the role of the media in the price discovery process. We find that short sellers increase their activity in line with the tone of media coverage around earnings announcements, after controlling for earnings news and other variables that affect relative levels of short selling. This evidence is consistent with media coverage disseminating incremental value relevant information to sophisticated capital market traders. Furthermore, we show that information in the media successfully forecasts earnings information in the days leading up to the earnings announcement, and that short sellers trade in a manner consistent with information provided in media coverage preceding the earnings announcement. Our findings are consistent with the media facilitating the price discovery process around the release of earnings.
| Author | : Ki Choong Han |
| Publisher | : |
| Total Pages | : 318 |
| Release | : 1990 |
| Genre | : Corporate profits |
| ISBN | : |
| Author | : |
| Publisher | : |
| Total Pages | : 520 |
| Release | : 2004 |
| Genre | : |
| ISBN | : |
| Author | : Harm H. Schütt |
| Publisher | : |
| Total Pages | : 49 |
| Release | : 2019 |
| Genre | : |
| ISBN | : |
Measuring the extent of news segmentation is important because it could be a source of investor disagreement. However, for news segmentation to arise, news must have room for interpretation. I infer both room for interpretation and news outlet characteristics from earnings announcement coverage and find evidence of economically significant news segmentation. Moreover, room for interpretation is an important determinant in an outlet's choice of which earnings announcements to cover. The resulting heterogeneous coverage is positively associated with trading volume and return volatility. The findings highlight how interactions between information properties and news market dynamics can influence information diffusion into prices.
