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accumulated abnormal return
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Trans right issues are unique phenomena and their listings occurred in the process of the capital market development in China. The impact on the market also has important implications for Chinese enterprise reform, the liquidity problems of state owned or other unlisted stocks. The event studies are used to test the accumulated abnormal returns, abnormal returns, and the average impact on the market. The results indicate that the listing of trans right issues cause obvious waves of the stock...

Trans right issues are unique phenomena and their listings occurred in the process of the capital market development in China. The impact on the market also has important implications for Chinese enterprise reform, the liquidity problems of state owned or other unlisted stocks. The event studies are used to test the accumulated abnormal returns, abnormal returns, and the average impact on the market. The results indicate that the listing of trans right issues cause obvious waves of the stock prices, but these movements are overreactions. Some time after, all the accumulated abnormal returns and averaged abnormal returns are not obvious under the sense of statistics test.

转配股上市是中国股市向规范、高效发展过程中的一个产物 .转配股上市对现代企业制度的建立 ,对法人股、国有股的流通问题的解决有重要的启示 .据此 ,运用事件分析法 ,通过检验各转配股的累积超常回报率和超常回报率及受影响股票的市场平均反映 ,研究转配股上市这一事件对股市的影响 .结果表明转配股上市虽然造成股价的一些波动 ,但这种反映是过度反映 ,一段时间后 ,无论从个股还是从市场平均来说 ,累积超常回报率都不明显

Post-earnings announcement drift (PEAD) has been one of the topical issues in academics in camerralistics and accounting. Starting from the study of uncertainty about information, we have probed into the appearance and continued existence of PEAD. We have concluded that the quality of information is one of the important causes for the emergence and survival of PEAD; and that not only can it indirectly affect PEAD by working on unexpected earnings, which finds expression mainly in the fact that most securities...

Post-earnings announcement drift (PEAD) has been one of the topical issues in academics in camerralistics and accounting. Starting from the study of uncertainty about information, we have probed into the appearance and continued existence of PEAD. We have concluded that the quality of information is one of the important causes for the emergence and survival of PEAD; and that not only can it indirectly affect PEAD by working on unexpected earnings, which finds expression mainly in the fact that most securities about which the information is highly uncertain have the unexpected earnings mixes, but also it can produce direct effect on PEAD, that is to say, after earnings announcement, the average accumulated abnormal returns of investment mixes with high information uncertainty are more than those of investment mixes with low information uncertainty. On the other hand, with the passage of time, the abnormal returns of securities mixes with information of low quality will drop by a wider margin, mainly because, as rational investors will gradually collect and understand the related information disclosed in earnings announcements, the information uncertainty will decrease and risks will be reduced little by little; conversely, because holders of securities are less uncertain of the information, their abnormal returns will decline by a narrower margin.

盈余公告后的漂移现象(PEAD)一直是财务学和会计学关注的热点之一。本文从信息不确定性的角度出发,对PEAD现象的存在性和持续性问题作了研究。我们的结论是:信息质量是PEAD产生和持续的重要原因之一,它既可以通过影响未预期盈余的大小,间接影响盈余公告后的漂移现象(PEAD),这主要表现在,信息质量差的股票多集中在未预期盈余极端组合中;也可以直接对PEAD产生影响,即在盈余公告后,信息质量差的投资组合平均累计超常收益大于信息质量好的投资组合。另外,随着时间推移,信息质量差的投资组合的超常收益下降幅度较大,这主要是因为随着理性的投资者对盈余公告中的相关信息的解读,信息不确定性下降,风险逐步释放,所以这类股票的超常收益下降幅度较大,而信息质量好的股票有较少的信息不确定性,故超常收益下降较少。

 
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