题目：Comparing with the Average:Reference Points and Market Reactions to Above-Average Earnings Surprises
演讲者：何文 副教授
澳大利亚昆士兰大学商学院会计系
时间：2017年3月10日（周五）上午 10：00 - 11:30
地点：嘉庚二205
主持人：熊枫 助理教授
参 加 者：对会计、财务研究有兴趣的师生
论文简介：We investigate a new reference point in financial markets. Specifically, we examine investors’ use of the average earnings surprise as a reference point to classify earnings news into good or bad news. We find that in the short window around earnings announcements, the market rewards a price premium to firms with above-average earnings surprises. The price premium is larger when investors are more likely to be subject to cognitive constraints in processing information. We also find that firms announcing above-average earnings surprises exhibit a greater abnormal trading volume, consistent with the notion that beating reference points prompts investors to trade.