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- Title
EARNINGS REPORTS AND MARKET EFFICIENCIES: AN ANALYSIS OF THE CONTRARY EVIDENCE.
- Authors
Joy, O. M.; Jones, C. P.
- Abstract
This article analyzes studies on the issue of market efficiency with regards to earnings reports. Most of the earnings studies that present evidence contrary to the efficient market thesis share the commonality of using quarterly earnings as the information variable to which the market responds. The deficiencies shared by the studies include data, rate of return and risk problems. Another major difficulty is the general failure to include search costs. Several of the quarterly earnings papers use simple comparison of newly reported earnings to last year's same quarter earnings.
- Publication
Journal of Financial Research, 1979, Vol 2, Issue 1, p51
- ISSN
0270-2592
- Publication type
Academic Journal
- DOI
10.1111/j.1475-6803.1979.tb00016.x