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Stock market response to analysts' perceptions and earnings in a technology-intensive environment |
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| Authors: | Juha Junttila Aki Kärja |
| Institution: | a Department of Economics, University of Oulu, Oulu, Finland b Department of Accounting and Finance, University of Oulu, PO Box 4600, FIN-90014, Oulu, Finland c Morgan Stanley/Investment Banking Division, New York, NY, USA d Laurea Polytechnic, Vanha maantie 9, FIN-02600, Espoo, Finland |
| Abstract: | This paper investigates the contemporaneous stock market response to financial analysts' perceptions of the firm and accounting earnings in the telecommunication and electronics industry in Finland. Analysts' perceptions used in the study are based on the Most Admired Companies survey similar to that conducted by Fortune magazine in the United States. The results indicate the nonfinancial information of the firm measured in terms of the analysts' perceptions has value relevance in a technology-oriented stock market. |
| Keywords: | Industry analysis Earnings response coefficients Earnings management Industry analysis |
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