The informativeness of pro forma and street earnings: an examination of information asymmetry around earnings announcements

2015 ◽  
Vol 21 (1) ◽  
pp. 198-250 ◽  
Author(s):  
Qianyun Huang ◽  
Terrance R. Skantz
Keyword(s):  
Information Asymmetry ◽  
Earnings Announcements ◽  
Street Earnings ◽  
Pro Forma

Earnings Announcements and Information Asymmetry: An Intra-Day Analysis*

2002 ◽  
Vol 19 (3) ◽  
pp. 449-472 ◽  
Author(s):  
Theresa Libby ◽  
Robert Mathieu ◽  
Sean W. G. Robb
Keyword(s):  
Information Asymmetry ◽  
Earnings Announcements

scholarly journals Overconfident Institutions and Their Self-Attribution Bias: Evidence from Earnings Announcements

2020 ◽  
pp. 1-33 ◽  
Author(s):  
Hsin-I Chou ◽  
Mingyi Li ◽  
Xiangkang Yin ◽  
Jing Zhao
Keyword(s):  
Information Asymmetry ◽  
Earnings Announcements ◽  
Earnings Announcement ◽  
Behavioral Bias ◽  
Price Pressure ◽  
Post Earnings Announcement Drift ◽  
Institutional Demand ◽  
Attribution Bias

Abstract Institutional demand for a stock before its earnings announcement is negatively related to subsequent returns. The relation is not attributable to the price pressure of institutional demand and is stronger for stocks with higher information asymmetry and/or greater valuation difficulty. These findings support the notion that overconfident institutions misprice stocks. Following announcements, institutions’ behavior exhibits the outcome-dependent feature of self-attribution bias. Whether they become more overconfident and delay their mispricing correction depends on whether earnings news confirms their preannouncement trades. This behavioral bias also offers a new explanation for the well-known post-earnings-announcement drift.

The Timing of Quarterly ‘Pro Forma’ Earnings Announcements

2012 ◽  
Vol 39 (3-4) ◽  
pp. 315-359 ◽  
Author(s):  
Nerissa C. Brown ◽  
Theodore E. Christensen ◽  
W. Brooke Elliott
Keyword(s):  
Earnings Announcements ◽  
Pro Forma Earnings ◽  
Pro Forma
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