财务、会计Seminar第一百五十一期讲座

题目:Comparing with the Average:Reference Points and Market Reactions to  Above-Average Earnings Surprises

演讲者:何文   教授     

                澳大利亚昆士兰大学商学院会计系

时间:2017310日(周五)上午 1000 - 11:30

地点:嘉庚二205

主持人:熊枫 助理教授

  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.