Stock performance subsequent to combinations in quarterly revenue surprise, earnings surprise, guidance, valuation, and report time

被引：0

作者：

Alvarado, Jose I. ^{[1
]}

Clark, Lindsay C. ^{[1
]}

Gutierrez, Jose A. ^{[2
]}

机构：

[1] Sam Houston State Univ, Huntsville, TX USA

[2] Sam Houston State Univ, Dept Gen Business & Finance, Box 2056, Huntsville, TX 77341 USA

来源：

JOURNAL OF ECONOMICS AND FINANCE | 2021年 / 45卷 / 01期

关键词：

Quarterly expectations; Analyst consensus; Guidance; Trading strategy; G11; G12; G14; G17; ANNOUNCEMENT DRIFT; ANALYST;

D O I：

10.1007/s12197-020-09531-7

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Finance literature highlights various reasons for stock performance subsequent to earnings announcements. However, other moving parts in these scenarios must also be simultaneously specified. While both revenue and earnings surprises are important for determining stock performance, forward-looking guidance and firm valuation prior to earnings should also be considered. Additionally, analyses that solely consider market-level data miss important subtleties evident in a sector-specific study, as "normal" growth and valuation metrics across sectors widely differ. We differentiate between firms that announce earnings during the evening hours (after the close) and firms that announce earnings during the morning hours (prior to the open).

引用

页码：95 / 117

页数：23