This paper extends the Australian evidence on the information content of earnings announcements by considering both the sign and magnitude of unexpected earnings for a sample of 120 firms in the period 1964–1972, and a further 117 firms for 1972–1980. Results at both the portfolio level and the individual security level are highly significant and are consistent with those documented in both the United States and New Zealand.
|Number of pages||12|
|Journal||Accounting & Finance|
|Publication status||Published - 1986|