MARC details
| 000 -LEADER |
|---|
| fixed length control field |
02285nam a22002537a 4500 |
| 003 - CONTROL NUMBER IDENTIFIER |
|---|
| control field |
ZW-GwMSU |
| 005 - DATE AND TIME OF LATEST TRANSACTION |
|---|
| control field |
20240404124725.0 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
|---|
| fixed length control field |
240404b |||||||| |||| 00| 0 eng d |
| 022 ## - INTERNATIONAL STANDARD SERIAL NUMBER |
|---|
| International Standard Serial Number |
0148558X |
| 040 ## - CATALOGING SOURCE |
|---|
| Original cataloging agency |
MSU |
| Language of cataloging |
English |
| Transcribing agency |
MSU |
| Description conventions |
rda |
| 050 00 - LIBRARY OF CONGRESS CALL NUMBER |
|---|
| Classification number |
HF5601 JOU |
| 100 1# - MAIN ENTRY--PERSONAL NAME |
|---|
| Personal name |
Johnson, W. Bruce |
| Relator term |
author |
| 245 10 - TITLE STATEMENT |
|---|
| Title |
Contrarian share price reactions to earnings surprises/ |
| Statement of responsibility, etc. |
created by W. Bruce Johnson and Rong Zhao |
| 264 1# - PRODUCTION, PUBLICATION, DISTRIBUTION, MANUFACTURE, AND COPYRIGHT NOTICE |
|---|
| Place of production, publication, distribution, manufacture |
Thousand Oaks: |
| Name of producer, publisher, distributor, manufacturer |
Sage |
| Date of production, publication, distribution, manufacture, or copyright notice |
2012 |
| 336 ## - CONTENT TYPE |
|---|
| Source |
rdacontent |
| Content type term |
text |
| Content type code |
txt |
| 337 ## - MEDIA TYPE |
|---|
| Source |
rdamedia |
| Media type term |
unmediated |
| Media type code |
n |
| 338 ## - CARRIER TYPE |
|---|
| Source |
rdacarrier |
| Carrier type term |
volume |
| Carrier type code |
nc |
| 440 ## - SERIES STATEMENT/ADDED ENTRY--TITLE |
|---|
| Title |
Journal of accounting, auditing and finance |
| Volume/sequential designation |
Volume 27, number 2 |
| 520 3# - SUMMARY, ETC. |
|---|
| Summary, etc. |
A persistent (but overlooked) feature of the cross-sectional distribution of quarterly earnings announcement returns is that the measured earnings surprise and share price response to that surprise are often in the opposite direction. Extending the study by Kinney, Burgstahler, and Martin, this study provides evidence on the prevalence, determinants, and consequences of contrarian stock returns at the earnings announcement date. Using the most recent Institutional Brokers’ Estimate System (I/B/E/S) consensus earnings per share forecast as the earnings benchmark, the authors find that contrarian returns occur for roughly 40% of the more than 230,000 quarterly earnings announcements that comprise their sample. Contrarian returns are only slightly less prevalent in extreme earnings surprise deciles and are evident each quarter during 1985-2005. The incidence of contrarian returns is statistically related to “noise” in the measured earnings surprise (stale I/B/E/S consensus forecasts, preannouncement stock returns, and the presence of Generally Accepted Accounting Principles [GAAP] exclusions) and “noise” in the share price response to announced earnings (discordant revenue changes, discordant earnings forecast revisions, return volatility, bid-ask spread, and discordant prior quarter earnings surprises). Finally, contrarian stocks exhibit little post-earnings-announcement drift. |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
|---|
| Topical term or geographic name entry element |
Contrarian stock returns |
| Form subdivision |
Earnings surprises |
| General subdivision |
Post-earnings-announcement drift |
| 700 1# - ADDED ENTRY--PERSONAL NAME |
|---|
| Personal name |
Zhao, Rong |
| Relator term |
co author |
| 856 ## - ELECTRONIC LOCATION AND ACCESS |
|---|
| Uniform Resource Identifier |
https://doi.org/10.1177/0148558X11409 |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
|---|
| Source of classification or shelving scheme |
Library of Congress Classification |
| Koha item type |
Journal Article |