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Anonymous users2024-02-10Reaction to earnings announcements: evidence from the Chinese market.
Abstract: We study the change in earnings per share (EPS) that will reflect the changes in China** (EPS). We found that domestic A-share investors were incorrect** in earningsand and failed to quickly adjust information for new income, but international B-share investors could ** income changes better than A-share investors offered. Therefore, the abnormal remuneration of (ARS) can be obtained through information trading, but only A shares.
One explanation is that the majority of A-share holders, with short-term investment horizons, while the majority of individual B-share holders, large institutions, were unable to immediately contact the A-share shareholders with more detailed and accurate financial information.
From the perspective of information economics, accounting and financial reporting play an important role in the effective capital market. This paper provides an empirical study of how useful earnings announcements work in emerging China**. The motivation for this study is the latest developments in the practice of research and information on the effectiveness of accounting valuations.
A large number of studies, including Ball and Brown (1968), Shari, Jaganathan, and for Ofer (1988), Easton and Zmijewski (1989), Gennotte and Truemann (1996), Cross and Schroeder (1984), found that **** reacted positively to revenue growth and negative announcements to the decline in earnings in US companies. Alford, Jones, Leftwish and Zmijewski (1993), Amir, Harris, and Venuti (1993), Chan and Seow (1996) also provide evidence of some non-US market information content in earnings announcements. This paper expands this research line to China**.
Since the Shanghai and Shenzhen ** exchanges were established in 1990 and 1991? China** has experienced a rapid expansion in terms of the number of listings, the number of investors, trading volumes, listed companies and the market in the two ** exchanges initially authorized to issue shares (A shares are known) to the only Chinese citizens in the country. To speed up the reform of state-owned enterprises (SOEs) and attract foreign capital, Chinese** allows some companies (most of which have issued A shares) to issue B shares, which can be purchased and traded with foreign investors.
Both the B-shares listed in Shanghai and Shenzhen are listed in the US and Hong Kong dollars, respectively. Generally, companies that have established a proven track record are only allowed to raise capital from overseas. By the end of 1997, there were 745 A shares and 118 B pairs of two types of exchange listings.
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