| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22366 |
| 来源ID | Working Paper 22366 |
| What Do Measures of Real-time Corporate Sales Tell Us about Earnings Surprises and Post-Announcement Returns? | |
| Kenneth Froot; Namho Kang; Gideon Ozik; Ronnie Sadka | |
| 发表日期 | 2016-06-27 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We develop real-time proxies of retail corporate sales from multiple sources, including ~50 million mobile devices. These measures contain information from both the earnings quarter (“within quarter”) and the period between that quarter’s end and the earnings announcement date (“post quarter”). Our within-quarter measure is powerful in explaining quarterly sales growth, revenue surprises, and earnings surprises, generating average excess returns at announcement of 3.4%. However, surprisingly, our post-quarter measure is related negatively to announcement returns, and positively to post-announcement returns. When post-quarter private information is directionally strong, managers, at announcement, provide guidance and use language that points statistically in the opposite direction. This effect is more pronounced when, post-announcement, management insiders trade. We conclude managers do not fully disclose their private information and instead message to shareholders and analysts something of opposite sign. The data suggest they may be motivated in part by subsequent personal stock-trading opportunities. |
| 主题 | Financial Economics |
| URL | https://www.nber.org/papers/w22366 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580039 |
| 推荐引用方式 GB/T 7714 | Kenneth Froot,Namho Kang,Gideon Ozik,et al. What Do Measures of Real-time Corporate Sales Tell Us about Earnings Surprises and Post-Announcement Returns?. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22366.pdf（429KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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