This paper examines how changes in the level of Uncertainty About the Time-Series Process of Earnings affect the magnitude of the stock price response to earnings announcements. Tests are based on a simple model in which price is a function of expected future earnings which follow a random walk with drift time.
This paper examines how changes in the level of Uncertainty About the Time-Series Process of Earnings affect the magnitude of the stock price response to earnings announcements. Tests are based on a simple model in which price is a function of expected future earnings which follow a random walk with drift time.
This paper examines how changes in the level of Uncertainty About the Time-Series Process of Earnings affect the magnitude of the stock price response to earnings announcements. Tests are based on a simple model in which price is a function of expected future earnings which follow a random walk with drift time.