Original scientific paper
https://doi.org/10.1080/1331677X.2017.1305768
Investors’ behaviour in regard to company earnings announcements during the recession period: evidence from the Macedonian stock exchange
Julijana Angelovska
orcid.org/0000-0002-7638-2389
Abstract
The study investigates the reaction of investors to annual earnings
releases as reflected in the volume and price movements of
common stocks during a recession. We provide an apparent example
where investors did not react to firm-specific positive earnings
announcements. Event methodology is employed, and the returns
in an event window, defined conventionally as the day before to two
days after a firm-specific public earnings announcement, are not
abnormal. The volume of trade in the event window is not atypical
either. The psychological impact on the investors was such that fear
could not be alleviated by the good news and good financial results.
Keywords
Event study; information and market efficiency; earnings announcement; Macedonian stock market
Hrčak ID:
182551
URI
Publication date:
1.12.2017.
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