آمار
| تعداد نشریات | 50 |
| تعداد شمارهها | 2,232 |
| تعداد مقالات | 20,476 |
| تعداد مشاهده مقاله | 25,272,337 |
| تعداد دریافت فایل اصل مقاله | 22,925,820 |
Earnings Announcement Premium and Information Ambiguity | ||
| International Journal of Finance & Managerial Accounting | ||
| دوره 5، شماره 18، آذر 2020، صفحه 153-165 اصل مقاله (754.97 K) | ||
| نوع مقاله: Original Article | ||
| نویسندگان | ||
zeynab Ramzi Rad choobeh1؛ Javad Rezazadeh  2؛ hossein kazemi3
| ||
| 1PhD student, Department of Accounting, Qazvin Branch, Islamic Azad University, Qazvin, Iran | ||
| 2Associate Professor, Department of Accounting, Tarbiat Modares University, Tehran, Iran | ||
| 3Assistant Professor, Department of Accounting, Qazvin Branch, Islamic Azad University, Qazvin, Iran | ||
| چکیده | ||
| In today's investment world there is emphasis on the role of accounting information. Behavioral factors always play an important role in financial markets. All investors are not rational and their demand for riskiness of assets is influenced by their beliefs and feelings. Optimism, pessimism, self-confidence, ambiguity-aversion, etc. help changing the manner of decision-making process over time. So, this study aimed at investigating the role of accounting information on investors’ ambiguity-aversion in economic environment of Iran. For this purpose, information about 120 companies listed in Tehran Stock Exchange during the period 2013 to 2017 was collected and analyzed. Multivariate regression models were used to analyze the data. The results show that earnings announcement premium for companies with high level of ambiguity, is more than for companies with low level of ambiguity. As a result, investors respond asymmetrically to good and bad news, and this asymmetry decreases with increasing of ambiguity level. | ||
| کلیدواژهها | ||
| Information Ambiguity-Aversion؛ Earnings Announcement Premium؛ Investors’ Response Asymmetry | ||
| مراجع | ||
|
1) Aghabekzadeh, M. Foroughi, d. (2017). Investigating the Stock Market Response to Concurrent Intermediate Earnings News and Forecasting Annual Earnings. Financial Accounting Quarterly, Volume 9, Number 34, 124-149 2) Anagnostopoulou, S, Tsekrekos, A. (2019). Accounting quality, information risk and the term structure of implied volatility around earnings announcements. Research in International Business and Finance,41 , 445-460. DOI: 10.1016/j.ribaf.2017.04.046 3) Arab Salehi, M. Hamidian, N. Amiri, H. (2018). Investigating the Role of Accounting Information Uncertainty on Investors' Response to Earning Announcement, Financial Accounting Experimental Studies, Article 7, Volume 15, Number 57, Spring 2018, 147-170 4) Barber, B. De George, E., Lehavy, R, Trueman, B. (2013). The earnings announcement premium around the globe. Journal of Financial Economics 108, 118-138. https://doi.org/10.1016/j.jfineco.2012.10.006 5) Barberis, N., Shleifer, A, Vishny, R. (1998). A model of investor sentiment. Journal of Financial Economics 49, 307-343. 6) Bird, Ron, Yeung, D. (2012). How do investors react under uncertainty? Pacific-Basin Finance Journal 20, 310-327. DOI: 10.1016/j.pacfin.2011.10.001 · 7) Brenner, Menachem, Izhakian, Yehuda. (2019). Asset Pricing and Ambiguity: Empirical Evidence November. NYU Working Paper No. 2451/31453. Available at SSRN: https://ssrn.com/abstract=1996802 8) Choi, H. M. (2015). A Tale of two uncertainties. Journal of Banking and Finance, 92, 81-99. 9) Ellsberg, D. (1961). Risk, ambiguity, and the Savage axioms. The quarterly journal of economics, Vol. 75, pp.643-669 DOI: 10.2307/1884324 10) Epstein, L. G, Schneider, M. (2008). Ambiguity, information quality, and asset pricing, The Journal of Finance, Vol.63, No.1, pp197-228 11) Foroughi, D. Aysek, S.M. (2015). Investigating the Market Response to the Announcement of the Predicted Earnings per Share, Article 8, Volume 5, Number 1, 196-96 12) Hamidian, N. Arab Salehi, M. Amiri, H. (2018). Investigating Investors' Response to Corporate Annual Reporting Given Market Uncertainty and Corporate Information Uncertainty, Accounting Advances, Paper 3, Volume 10, Number 1, 61-94 13) Hosseini Chegeni, A, Haghgoo, B; Rahmani Nejad, L. (2014). Investigating Investor Behavioral Biases in Tehran Stock Exchange Based on Structural Equation Modeling, Financial Management Strategy, Second Year, No. 7. 14) Kim, Taehyuk, Ha. Aejin. (2010). Investor Sentiment and Market Anomalies 23rd Australasian Finance and Banking Conference .http://dx.doi.org/10.2139/ssrn.1663649 15) Kurdistani, GH, R.; (2012). Efficiency of the Stock Market Response to Accounting Earnings Announcement News, 10th National Accounting Conference, Tehran, Al-Zahra University 16) Lee, D.-H. B.-K. Min and T.S. Kim,(2019) Dispersion of beliefs, ambiguity, and the cross-section of stock returns. Journal of Empirical Finance (2019), https://doi.org/10.1016/j.jempfin.2019.01.001 17) Liu, Mengxi (Maggie) and Chan, Kam Fong, Faff, Robert W.(2018,2019). Firm-Level Information Ambiguity and the Earnings Announcement Premium (January 10, 2018,October,2019). Available at SSRN: https://ssrn.com/abstract=3221030 or http: //dx.doi. org/10. 2139/ ssrn. . 18) Neururer, T., Papadakis, G. & Riedl, E. J. (2016). Tests of investor learning models using earnings innovations and implied volatilities. Review of Accounting Studies, 21, 400-437. 19) Knight, F.H. (1921) Risk, Uncertainty, and Profit. Hart, Schaffner, and Marx Prize Essays, No. 31. Houghton Mifflin, Boston and New York | ||
|
آمار تعداد مشاهده مقاله: 163 تعداد دریافت فایل اصل مقاله: 179 |
||
