Article Abstract:
Accounting report and financial statement data are prominent investor information sources for equity price determination. An assessment on the determinants of return variability between accounting report and non-report period has been presented. Relative return variability is a measure of the information content of accounting reports. Because this measure indicates the usefulness of accounting information to investors, the investigation of relative return variability is important in the design and evaluation of accounting disclosure and financial statement preparation.
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Article Abstract:
A study has been conducted to examine the trading volume reaction associated with quarterly earnings announcements and the effect of predisclosure information asymmetry on trading volume. Results show that trading volume response to quarterly earning announcements is positively related to the level of predisclosure information asymmetry and to the magnitude of the price reaction to the announcements. Results also provide evidence on the relation of predisclosure information asymmetry and trading volume before and after quarterly earnings announcements.
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Article Abstract:
A study analyzing the stock price spreads and depths around the time of quarterly earnings announcements is presented. The study also examines the relationship between the said equity ask spreads and depths, and properties of analysts' forecasts.
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