<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>This analysis identifies a distinct immediate announcement period negative relation between earnings announcement surprises and aggregate market returns. Such a relation implies that market participants use earnings information in forming expectations about expected aggregate discount...

<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>This study tests the agency cost hypothesis in the context of geographic earnings disclosures. The agency cost hypothesis predicts that managers, when not monitored by shareholders, make self-maximizing decisions that may not necessarily be in the best interest of shareholders. These...