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Årsregnskabsmeddelelser - aktiemarkedets effektivitet og dets forventninger

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  • Helle Langhoff Lønroth, Denmark
  • Peder Fredslund Møller, Denmark
  • Frank Thinggaard
  • Accounting Research Centre - ARC
  • Department of Business Studies
This article uses the event study method to examine the efficiency of the Danish stock market with respect to earnings announcements and its expectations as to the content of these announcements. Our results show that earnings announcements still contain information relevant to the stock market, and - in contrast to the results obtained in a similar study by Sørensen (1982) - that the Danish stock market is now fairly efficient in this area: the market reacts more quickly than before, and generally has correct expectations regarding the content of earnings announcements. Furthermore, the results indicate that the market´s expectations are now formed in a more sophisticated manner than was the case 17 years ago.
Udgivelsesdato: AUG
Original languageDanish
JournalNationaloekonomisk Tidsskrift
Volume138
Issue1
Pages (from-to)189-204
Number of pages16
ISSN0028-0453
Publication statusPublished - 2000

    Research areas

  • Markedseffektivitet, Årsregnskabsmeddelelser, Eventstudie, Anormale afkast, Forventningsmodeller, IBES-estimater, Reaktionshastighed, Nyhedsværdi, Naiv forventningsmodel, Kursreaktioner

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