We examine the market response to quarterly earnings announcements made during trading and non-trading hours on the NYSE and the NASDAQ. For non-trading-hours announcements, the opening trade on the NYSE impounds most of the price response, whereas for trading-hours announcement trades. In...

Initial public offerings (IPOs) of common stock are followed in the immediate after market by sizeable increases in stock prices on average. The large initial returns of IPO shares have attracted a great deal of attention in the empirical and theoretical literature of finance, and IPOs are said...