이익 공시시점과 주가지연반응

• 영문명: Timing of Earnings Announcement and Post-Earnings-Announcement-Drift(PEAD)
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 김형순(Hyung Soon Kim)
• 간행물 정보: 『아태비즈니스연구』제9권 제4호, 137~155쪽, 전체 19쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2018.12.30

영문 초록

It has been reported that there is a significant positive relationship between the unexpected earnings on the earnings announcement date and the cumulative abnormal returns following the earnings announcement date. This study investigates whether the results of prior studies are because the public announcement of shareholders’ meeting date was selected as the event date instead of either the preliminary earnings disclosure date or the profit/loss change announcement date. The results of this study are as follows. First, post-earnings-announcement drift(PEAD) occurs when unexpected earnings were computed based on the prior period earnings and the public announcement of the shareholders’ meeting date as the profit disclosure date. Second, when analyzing the PEAD with the unexpected earnings calculated using the financial analysts’ forecasts, no PEAD has been found both on the date of the shareholders’ meeting and the earlier date of the preliminary earnings disclosure, profit/loss change announcement, or the public announcement of the shareholders’ meeting. Foster et al. (1984) analyze the PEAD using time series model and earnings forecasting model and suggest that the PEAD appears only in the time series model. In this study, too, in the case of using analysts’ profit forecasts, the lack of the PEAD shows that the PEAD can be changed according to the method of measuring the unexpected earnings.

목차

Abstract

Ⅰ. 서론

Ⅱ. 선행연구

Ⅲ. 연구설계

Ⅳ. 실증분석 결과

Ⅴ. 결론

References

키워드

Cumulative Abnormal Returns Post-Earnings-Announcement-Drift Preliminary Earnings Disclosure Shareholders’ Meeting Unexpected Earnings