Event Day 0? After‐Hours Earnings Announcements
近年超40%盈利公告在盘后发布，导致Compustat和I/B/E/S记录的事件日与实际价格成交量变化日差一天。本文说明这对事件研究的重要性。
ABSTRACT In recent years, the proportion of after‐hours earnings announcements has increased to more than 40%. For after‐hours announcements, earnings‐related volume and price changes are not observed on the Compustat or I/B/E/S earnings announcement date, but one trading day later. This study demonstrates the importance of accounting for after‐hours announcements for event studies around earnings announcements.