B2 Vertaisarvioimaton kirjan tai muun kokoomateoksen osa

Use of interim earnings information on the Helsinki Stock Exchange




TekijätVieru Markku, Schadewitz Hannu

ToimittajaTimo Rothovius, Jussi Nikkinen

KustantajaVaasa: Yliopistopaino

Julkaisuvuosi2007

Kokoomateoksen nimiContributions to accounting and finance : essays in honour of professor Paavo Yli-Olli

Sarjan nimiActa Wasaensia

Numero sarjassa173

Vuosikerta173

ISBN978-952-476-180-2

ISSN0355-2667

Verkko-osoitehttp://urn.fi/URN:NBN:fi-fe2018062826623


Tiivistelmä

In this paper we study how the market uses the information on current and past interim earnings. Our hypothesis is that investors focus on a comparison of year-to-year changes in interim earnings. We provide further international evidence on how the market acts in the face interim earnings announcements.  The data is based on the Finnish emerging market covering the years 1992-2002. We found, consistent with Ball and Bartov [1], evidence that investors underestimate the magnitude of the serial correlation in interim earnings. The results suggest that investors use, at least in part, a seasonal random walk model when forming earnings expectations.



Last updated on 2024-26-11 at 22:32