About this Journal Submit a Manuscript Table of Contents 
Economics Research International
Volume 2012 (2012), Article ID 463627, 6 pages
doi:10.1155/2012/463627
Research Article

Stock Prices’ Variability around Earnings Announcement Dates at Karachi Stock Exchange

Muhammad Azeem Qureshi,1 Ali Abdullah,2 and Muhammad Imdadullah2

1School of Business, Oslo and Akershus University College of Applied Sciences, Oslo 0130, Norway
2Institute of Management Sciences, Bahauddin Zakariya University, Multan 60800, Pakistan

Received 26 March 2012; Accepted 22 July 2012

Academic Editor: Perry Sadorsky

Copyright © 2012 Muhammad Azeem Qureshi et al. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Linked References

  1. R. Ball and P. Brown, “An empirucal evaluation of accounting income numbers,” Journal of Accounting Research, vol. 6, pp. 159–178, 1968.
  2. E. F. Fama, “Efficient capital markets: a review of theory and empirical work,” Journal of Finance, vol. 25, no. 2, pp. 383–417, 1970.
  3. D. Isakov and C. Pérignon, “Evolution of market uncertainty around earnings announcements,” Journal of Banking & Finance, vol. 25, no. 9, pp. 1769–1788, 2001. View at Publisher · View at Google Scholar · View at Scopus
  4. C. M. C. Lee, “Earnings news and small traders. An intraday analysis,” Journal of Accounting and Economics, vol. 15, no. 2-3, pp. 265–302, 1992. View at Scopus
  5. J. W. Cho, “Earnings announcements, private information, and strategic informed trading,” Journal of Financial Intermediation, vol. 16, no. 1, pp. 117–149, 2007. View at Publisher · View at Google Scholar · View at Scopus
  6. M. Bagnoli, M. D. Beneish, and S. G. Watts, “Whisper forecasts of quarterly earnings per share,” Journal of Accounting and Economics, vol. 28, no. 1, pp. 27–50, 1999. View at Scopus
  7. L. Blume, D. Easley, and M. O'Hara, “Market statistics and technical analysis: the role of volume,” Journal of Finance, vol. 49, no. 1, pp. 153–181, 1994.
  8. C. C. Ying, “Market prices and volumes of sales,” Econometrica, vol. 34, no. 3, pp. 676–685, 1966.
  9. A. Eilifsen, K. K. Henry, and F. Sættem, “Earnings announcements and the variability of stock returns,” Scandinavian Journal of Management, vol. 17, no. 2, pp. 187–200, 2001. View at Publisher · View at Google Scholar · View at Scopus
  10. B. Trueman, M. H. F. Wong, and X. J. Zhang, “Anomalous stock returns around internet firms earnings announcements,” Journal of Accounting and Economics, vol. 34, no. 1–3, pp. 249–271, 2003. View at Publisher · View at Google Scholar · View at Scopus
  11. D. Su, “Stock price reactions to earnings announcements: evidence from Chinese markets,” Review of Financial Economics, vol. 12, no. 3, pp. 271–286, 2003. View at Publisher · View at Google Scholar · View at Scopus
  12. O. Lamaont and A. Frazzini, “The earnings announcement premium and trading volume,” NBER Working Paper W13090, 2007, http://www.nber.org/papers/w13090.
  13. V. V. Chari, R. Jagannathan, and A. R. Ofer, “Seasonalities in security returns. The case of earnings announcements,” Journal of Financial Economics, vol. 21, no. 1, pp. 101–121, 1988. View at Scopus
  14. L. S. Bamber, “The information content of annual earnings releases: a trading volume approach,” Journal of Accounting Research, vol. 24, no. 1, pp. 40–56, 1986.
  15. M. Vieru, “The impact of interim earnings announcements on the permanent price effects of trades on the Helsinki stock exchange,” Journal of Multinational Financial Management, vol. 12, no. 1, pp. 41–59, 2002. View at Publisher · View at Google Scholar · View at Scopus
  16. S. J. Brown and J. B. Warner, “Using daily stock returns. The case of event studies,” Journal of Financial Economics, vol. 14, no. 1, pp. 3–31, 1985. View at Scopus