Monthly “Earnings Announcements” and Stock Returns
Speaker: Jialin Yu
Hong Kong University of Science and Technology
| Topic: | Monthly “Earnings Announcements” and Stock Returns |
| Date: | May 5, 2017 |
| Venue: | Room 502, Daoyuan Building, CUHK(SZ) |
| Speaker: |
Jialin Yu Hong Kong University of Science and Technology |
| Detail/Abstract: | We hypothesize that companies summarize performance on a regular monthly basis, on top of quarterly earnings report. Such monthly “earnings” is “announced” at the beginning of (next) calendar month and influences investor expectation. Consistently, we find that company guidance, analyst revision, and stock price innovation occur more in early than in later part of a month. The monthly “earnings announcements” identify that the majority (53%) of value premium is due to correction of expectational error when information about fundamental arrives. |
