کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5100473 | 1377223 | 2017 | 62 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
What do measures of real-time corporate sales say about earnings surprises and post-announcement returns?
ترجمه فارسی عنوان
معیارهای فروش واقعی شرکت در زمان واقعی در مورد شگفتیهای سود و بازده پس از اعلام چیست؟
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
چکیده انگلیسی
We develop real-time proxies of retail corporate sales from multiple sources, including â¼50 million mobile devices. These measures contain information from both the earnings quarter (“within quarter”) and the period between the quarter-end and the earnings announcement date (“post quarter”). Our within-quarter measure is powerful in explaining quarterly sales growth, revenue surprises, and earnings surprises, generating average excess announcement returns of 3.4%. However, our post-quarter measure is related negatively to announcement returns and positively to post-announcement returns. When post-quarter private information is positive, managers, at announcement, provide pessimistic guidance and use negative language. This effect is more pronounced when, post-announcement, management insiders trade. We conclude that managers do not fully disclose their private information and instead bias their disclosures down when in possession of positive private information. The data suggest that they could be motivated in part by subsequent personal stock-trading opportunities.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 125, Issue 1, July 2017, Pages 143-162
Journal: Journal of Financial Economics - Volume 125, Issue 1, July 2017, Pages 143-162
نویسندگان
Kenneth Froot, Namho Kang, Gideon Ozik, Ronnie Sadka,