Stock Market Overreaction to Management Earnings Forecasts：股票市场过度反应的管理盈利预测.pdfVIP

Stock Market Overreaction to Management Earnings Forecasts Jean-Sébastien Michel June 2014 Abstract I hypothesize that the stock market overreacts to management earnings forecasts be- cause of the uncertainty surrounding them. I find that negative management forecast surprises lead to a –5.9% abnormal return around the forecast and a 1.9% correction