On the Market Reaction to Revenue and Earnings Surprises
研究了营收和盈余意外对股票回报的影响，发现研发密集型企业中盈余意外影响更低而营收意外影响更高，第四季度盈余意外影响更低，寡头竞争行业中营收意外影响更高。
Abstract: This study extends Ertimur et al. (2003) and Jegadeesh and Livnat (2006a) by providing a contextual framework for the information content of revenue and earnings surprises. I find that the influence of earnings surprises (revenue surprises) on stock returns is lower (higher) in R&D intensive companies. Also, market reaction to earnings surprises is lower in the fourth quarter, and to revenue surprises it is higher in industries with oligopolistic competition. A comprehensive analysis indicates that, in contrast to previous studies for the full sample, in several contexts market reaction to earnings surprises is not higher than to revenue surprises.