Level of multinationality as an explanation for post-announcement drift |
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Authors: | Ahmed Riahi-Belkaoui |
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Affiliation: | College of Business Administration, University of Illinois at Chicago, 1101 East 58th Street Chicago, IL 60607-1561, USA |
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Abstract: | This study tests whether the observed patterns in stock returns after quarterly earnings announcements are related to the level of multinationality, a variable used to proxy for earnings predictability. Our findings show that the level-of-multinationality variable is negatively correlated with the observed post-announcement abnormal returns. The findings suggest that the level of multinationality as a proxy for earnings predictability underlies the predictability of stock returns after earnings announcements. |
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Keywords: | Multinationality Post-announcement drift Earnings predictability |
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