Several studies report that even after accounting earnings are announced, estimated cumulative unexpected returns continue to drift up for firms that report unexpectedly good earnings and down for firms that report unexpectedly bad earnings. This paper shows that because Finnish companies tend...

This paper provides new evidence on the information content of losses in the relation between stock returns and annual accounting earnings. Consistent with earlier US evidence, accounting losses are not significantly related to stock returns in Finland. Moreover, it is shown that the different...

The results of this note indicate that the return-leverage relation turned from negative to positive in Finland in the late 1980s. This finding is explained by the liberalization of Finnish financial markets and the decrease in the degree of financial leverage of Finnish listed firms. The...

This note investigates the behaviour of small and large traders on different days of the week in the Finnish stock market. The results suggest that small traders increase their sell orders after the weekend. This suggests that the selling pressure of small individual investors in the beginning...

This paper investigates the impact of earnings news on the trading behaviour of different types of traders in Finland. The results indicate that small and large traders behave differently around the earnings announcements, small traders increasing their sell orders after negative earnings surprises.

The paper discusses excess returns within four Scandinavian stock markets and also how Scandinavian returns are related to the returns in non-Scandinavian markets. Some underlying reasons for the observed economically weak relationships between markets are reviewed. Moreover, some reasons why...