This study shows that analysts vary significantly in their responsiveness to earnings announcements, where responsiveness is defined as promptness of analysts’ first forecast revisions for the next quarter since the prior quarterly earnings announcements. Further evidence indicates that analysts’ responsiveness improves the efficiency of their expectations of future earnings immediately after t...

Taller individuals typically have occupations with higher social status and higher earnings than shorter individuals. Further, entrepreneurship is associated with high social status in numerous countries; hence, entrepreneurs might be taller than wage workers. Using data from the German Socio-Economic Panel (2002-2010), we find that a 1 cm increase in an individual’s height raises the probabili...

This study consists introductory survey and three essays where investors’ trading responses to interim earnings announcements are studied using Finnish data. The essays are individual papers, but their topics are closely connected since they address the trading response from different angles. The essays progress from an aggregated to a more detailed examination. The first essay was conducted on...

This paper uses data on individual earnings in manufacturing industry for five African countries in the early 1990s to test whether firms located in the capital city pay higher earnings than do firms located elsewhere, and whether such benefits accrue to all or only certain types of workers. Earnings equations are estimated that take into account worker characteristics (education and tenure) an...

We examine whether the previously documented pricing premium for firms’ equity when they meet or beat earnings expectations (MBE) is attributable to a reduction in the cost of equity capital via a reduction in information asymmetry. We measure the latter using the probability of informed trading (PIN) from Easley et al. (1997). We find that PIN decreases (increases) when firms meet or beat (mis...

The demand of information society promotes the production performance compensation commitment, which is used to alleviate asymmetry between investors and listed companies. generation commitments has reduced valuation difficulties other problems a certain extent, lowered M&A costs improved efficiency. However, as sample size increases, its drawbacks have gradually emerged. Youbo Pharmaceutic...

Existing studies show that intra-firm variation in earnings announcement speeds correlates with earnings news, such that firms are more likely to decrease (increase) the speed of announcing bad (good) earnings news relative to their fiscal period end. We examine firms’ “expected abnormal reporting speeds” not just in relation to their own past behaviors, but also in relation to other firms anno...

Abstract We construct a new numerical measure of earnings announcement surprises, standardized unexpected call text (SUE.txt), that does not explicitly incorporate the reported value. SUE.txt generates text-based post-earnings-announcement drift (PEAD.txt) larger than classic PEAD. The magnitude PEAD.txt is considerable even in recent years when PEAD close to 0. explore our empirical model show...

We estimate the earnings premium for beauty in an occupation where returns to physical attractiveness are likely to be important: commercial sex work. Using data from sex workers in Ecuador and Mexico, we find that a one standard deviation increase in attractiveness yields 10-15 percent higher earnings. Including controls for personal characteristics (communication ability and desirability of p...