New Evidence on the Properties of the Financial Statement Information Pricing Process
Contribuinte(s) |
Svenska handelshögskolan, Institutionen för finansiell ekonomi och ekonomisk statistik, finansiell ekonomi Swedish School of Economics and Business Administration, Department of Finance and Statistics, Finance |
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Data(s) |
2001
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Resumo |
This study contributes to our knowledge of how information contained in financial statements is interpreted and priced by the stock market in two aspects. First, the empirical findings indicate that investors interpret some of the information contained in new financial statements in the context of the information of prior financial statements. Second, two central hypotheses offered in earlier literature to explain the significant connection between publicly available financial statement information and future abnormal returns, that the signals proxy for risk and that the information is priced with a delay, are evaluated utilizing a new methodology. It is found that the mentioned significant connection for some financial statement signals can be explained by that the signals proxy for risk and for other financial statement signals by that the information contained in the signals is priced with a delay. |
Formato |
1837 bytes 166546 bytes application/pdf text/plain |
Identificador |
http://hdl.handle.net/10227/159 URN:ISBN:951-555-699-6 951-555-699-6 0357-4598 |
Idioma(s) |
en |
Publicador |
Svenska handelshögskolan Swedish School of Economics and Business Administration |
Relação |
Working Papers 462 |
Direitos |
Publikationen är skyddad av upphovsrätten. Den får läsas och skrivas ut för personligt bruk. Användning i kommersiellt syfte är förbjuden. This publication is copyrighted. You may download, display and print it for Your own personal use. Commercial use is prohibited. Julkaisu on tekijänoikeussäännösten alainen. Teosta voi lukea ja tulostaa henkilökohtaista käyttöä varten. Käyttö kaupallisiin tarkoituksiin on kielletty. |
Palavras-Chave | #financial statement information #market reaction #market efficiency #Finance |
Tipo |
Text |