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https://doi.org/10.21256/zhaw-27759| Publication type: | Article in scientific journal |
| Type of review: | Peer review (publication) |
| Title: | New evidence on the information content of earnings announcements for the Swiss market |
| Authors: | Bänziger-Aiba, Armin Pitthan, Alexander Gramespacher, Thomas Hüppin, Ursina |
| et. al: | No |
| DOI: | 10.3390/jrfm16030156 10.21256/zhaw-27759 |
| Published in: | Journal of Risk and Financial Management |
| Volume(Issue): | 16 |
| Issue: | 3 |
| Issue Date: | 2023 |
| Publisher / Ed. Institution: | MDPI |
| ISSN: | 1911-8066 1911-8074 |
| Language: | English |
| Subjects: | Swiss market index; Earning announcement; Short-window event study; Abnormal return; Market efficency |
| Subject (DDC): | 332: Financial economics |
| Abstract: | A semi-strong efficient market incorporates relevant new information immediately. Using an event study, we investigate whether and to what extent regular earnings announcements of Swiss companies listed on the Swiss Market Index show the expected effects in share prices. For this purpose, we test for abnormal returns caused by earnings announcements in the period from 2012 until 2022. In contrast to previous studies of the Swiss market, we find that deviations from analysts’ expected earnings lead to pronounced immediate movements in stock prices, as predicted by the semi-strong efficient market hypothesis. Pre- and post-announcement abnormal returns are modest and generally not statistically significant. |
| URI: | https://digitalcollection.zhaw.ch/handle/11475/27759 |
| Fulltext version: | Published version |
| License (according to publishing contract): | CC BY 4.0: Attribution 4.0 International |
| Departement: | School of Management and Law |
| Organisational Unit: | Institute of Wealth & Asset Management (IWA) |
| Appears in collections: | Publikationen School of Management and Law |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 2023_Baenziger-etal_New-evidence-on-information-content-of-earnings-announcements-Swiss-market.pdf | 1.11 MB | Adobe PDF |  View/Open |
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Bänziger-Aiba, A., Pitthan, A., Gramespacher, T., & Hüppin, U. (2023). New evidence on the information content of earnings announcements for the Swiss market. Journal of Risk and Financial Management, 16(3). https://doi.org/10.3390/jrfm16030156
Bänziger-Aiba, A. et al. (2023) ‘New evidence on the information content of earnings announcements for the Swiss market’, Journal of Risk and Financial Management, 16(3). Available at: https://doi.org/10.3390/jrfm16030156.
A. Bänziger-Aiba, A. Pitthan, T. Gramespacher, and U. Hüppin, “New evidence on the information content of earnings announcements for the Swiss market,” Journal of Risk and Financial Management, vol. 16, no. 3, 2023, doi: 10.3390/jrfm16030156.
BÄNZIGER-AIBA, Armin, Alexander PITTHAN, Thomas GRAMESPACHER und Ursina HÜPPIN, 2023. New evidence on the information content of earnings announcements for the Swiss market. Journal of Risk and Financial Management. 2023. Bd. 16, Nr. 3. DOI 10.3390/jrfm16030156
Bänziger-Aiba, Armin, Alexander Pitthan, Thomas Gramespacher, and Ursina Hüppin. 2023. “New Evidence on the Information Content of Earnings Announcements for the Swiss Market.” Journal of Risk and Financial Management 16 (3). https://doi.org/10.3390/jrfm16030156.
Bänziger-Aiba, Armin, et al. “New Evidence on the Information Content of Earnings Announcements for the Swiss Market.” Journal of Risk and Financial Management, vol. 16, no. 3, 2023, https://doi.org/10.3390/jrfm16030156.
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