Our analysis also investigates that relationship using a accurately method, namely Quantile Regression, by looking at the relationship at different points of the conditional distribution.
📌 3 Key Takeaways
🎯
Objective & Hypothesis:In this study, we examine the effect of earnings announcements on firm value by looking at the relationship at different points of the conditional distribution.
📊
Key Findings & Data:The analysis covers non-financial companies listed in Borsa Istanbul's BIST100 index for the 2009-2013 years.
💡
Conclusion & Impact:Our analysis also investigates that relationship using a accurately method, namely Quantile Regression, by looking at the relationship at different points of the conditional distribution.
🔬Design:Research Article
📍Scope:2009-2013 Verileri
⚙️Variables:Domain Parameters
Abstract
In this study, we examine the effect of earnings announcements on firm value by looking at the relationship at different points of the conditional distribution. The analysis covers non-financial companies listed in Borsa Istanbul's BIST100 index for the 2009-2013 years. The study also takes into account the effect of earnings persistence, whether the firm pay dividends, and brand name on the relationship between earnings announcements and firm value. Our analysis also investigates that relationship using a accurately method, namely Quantile Regression, by looking at the relationship at different points of the conditional distribution.
🔖
Cite This Article
GÜVERCİN, A. (2016). The Effect of Earnings Announcements on Firm Value: A Quantile Regression Approach. İşletme Araştırmaları Dergisi, Cilt: 8 - Sayı: 1, 456–466. https://ajindex.com/articles/269510
Andersen, T.G. 1996. "Return Volatility and Trading Volume: An Information Flow Interpretation of Stochastic Volatility." Journal of Finance 51, no. 1: 169-204.
Andersen, T. G. and Bollerslev, T. (1998). "Deutsche Mark-dollar Volatility: Intraday Activity Patterns, Macroeconomic Announcements, and Longer Run Dependencies", Journal of Finance 53, pp.219-265.
Almeida, A., Goodhart, C. ve Payne, R. (1998). "The Effects of Macroeconomic News on High Frequency Exchange Rate Behavior", Journal of Financial and Quantitative and Analysis 33, pp, 383-408.
Baklaci, H. F. at all, (2011). "The Impact of Firm-Specific Public News On Intraday Market Dynamics: Evidence From The Turkish Stock Market", Emerging Markets Finance and Trade, Vol. 47, pp.99-119.
Ball, R. ve Brown, P. (1968). "An Empirical Evaluation of Accounting Income Numbers", Journal of Accounting Research, Vol. 6, No. 2, pp. 159-178.
Beaver, W. H. (1968). "The Information Content of Annual Earnings Announcements", Journal of Accounting Research, Vol. 6, pp. 67-92.
Berry, T. D. and Howe. K. M. (1994).
Public Information Arrival, The Journal of Finance, Vol. 49, No 4, pp.1331-1346. Bollerslev and Domowitz,(1993), Trading Patterns and Prices in the Interbank Foreign Exchange Market, Volume 48, Issue 4, Pages 1421-1443.
Chang, Y., and S.J. Taylor. 2003. "Information Arrivals and Intraday Exchange Rate Volatility." Journal of International Financial Markets, Institutions and Money 13, no. 2: 85-112. Coad and Rao,(2008), Innovation and firm growth in high-tech sectors: A quantile regression approach, Research policy 37 (4), 633-648.
Dichev, I., D. ve Tang, V. W. (2009). "Earnings Volatility and Earnings Predictability", Journal of Accounting and Economics, pp. 160-181.
Ederington, L. H. and Lee, J. H. (1993). "How Markets Process Information: News Releases And Volatility", Journal of Finance, Vol. 48, No. 4. Güvercin, A., and Demir,Y., (2015a), Kazanç Açıklamaları ve Şirket Değeri İlişkisi: BIST100 Şirketleri Üzerine Bir Olay Analizi, Eskişehir Osmangazi University Journal of Economics and Administrative Sciences, 10(3)), 233-253, ogu.edu.tr. Güvercin, A., and Demir, Y. (2015b). Kazanç Açıklamalarının Şirket Değeri Üzerindeki Etkileri: BİST 100 Üzerine Bir Uygulama. Süleyman Demirel University, The Journal of Faculty of Economics And Administrative Sciences, 20(2). Jansen, G. (2004). "Public İnformation Arrival and Volatility Persistence in Financial Markets", The European Journal of Finance, Volume.