Earticle

초록

영어

This paper reports the results of a study of differential price and volume reactions to accounting earnings announcements. Prior research acknowledges that an earnings announcement may generate heavy trading but minimal price changes, and versa. Surprisingly, there is little empirical evidence regarding the extent of such occurrences. This study investigates the analytical prior researches and analysis that earnings announcements generate differential price and volume reactions, and then assesses whether these differential reactions are associated with announcement-specific characteristics, such as predisclosure information asymmetry, firm size, unexpected earnings. Although price and volume reactions to earnings announcements are significantly positively associated, on average, the frequency of earnings announcements that the relative magnitudes of price and volume reactions are extremely different for 20∼25% of my sample earnings announcements. The evidence suggests that earnings announcements that generate a high trading volume reaction relative to price reaction are as associated with (1) more divergent financial analysts earnings forcasts(DISP) (2) higher random-walk-based unexpected earnings relative to analysts-based unexpected earnings.

목차

I. 서론
 II. 선행연구 및 가설의 설정
  1. 선행 연구의 개관
  2. 연구 가설의 설정
 III. 자료의 수집 및 변수의 측정
  1. 자료의 수집
  2. 변수의 측정
  3. 이익공시일 및 검증기간의 설정
 IV. 실증분석 결과
  1. 기술적 통계치
  2. 초과거래량과 초과수익율간의 차별적인 반응 분류
  3. 차별적 반응과 특정 변수와의 관계 분석
 V. 결론
 참고문헌
 Abstract

저자

• 신성목 [ Sung Mok Shin | 동주대학 비즈니스정보계열 조교수 ]

참고문헌