Differential Market Reactions to Revenue and Expense Surprises
作者： Yonca Ertimur , Joshua Livnat , Minna Martikainen
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摘要: This study investigates investors' reactions to revenue and expense surprises around preliminary earnings announcements. Results show that investors value more highly a dollar of surprise than surprise. further these differential market vary systematically for growth versus firms depend on (a) the proportion variable total costs, (b) relative persistence sales expenses, (c) operating expenses. highlight importance interpreting in context its sources—e.g. revenues or
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