Examining the Informational Role of Analysts’ Forecasts and its Impact on the Relation between Earnings Surprises and Investors’ Responses
Prior research documents the existence of two distinct post-earnings announcement drifts. Interestingly, investors seem to underreact more toward earnings announcements that are associated with analyst-based earnings surprises (hereafter AF drift) than that based on seasonal random walk earnings sur...
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| 格式: | text |
| 語言: | English |
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Institutional Knowledge at Singapore Management University
2012
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| 在線閱讀: | https://ink.library.smu.edu.sg/soa_research/1005 http://aaahq.org/AM2012/abstract.cfm?submissionID=3199 |
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| 機構: | Singapore Management University |
| 語言: | English |