Prior research has examined how companies exploit Twitter in communicating with investors, and whether Twitter activity predicts the stock market as a whole. We test whether opinions of individuals tweeted just prior to a firm's earnings announcement predict its earnings and announcement...

Prior research examines how companies exploit Twitter in communicating with investors, how information in tweets by individuals may be used to predict the stock market as a whole, and how Twitter activity relates to earnings response coefficients (the beta from the returns/earnings regression)....

We document a market failure to fully respond to loss/profit quarterly announcements. The annualized post portfolio formation return spread between two portfolios formed on extreme losses and extreme profits is approximately 21 percent. This loss/profit anomaly is incremental to previously...

This paper examines the association between insider trading before an earnings announcement and the magnitude of the post-earnings announcement drift (PEAD). Consistent with insiders' private information being incorporated into prices through their trading, we find PEAD is significantly lower...

This paper examines the association between insider trading prior to quarterly earnings announcements and the magnitude of the post-earnings announcement drift (PEAD). We conjecture and find that insider trades reflect insiders’ private information about the persistence of earnings news. Thus,...

More companies are disclosing free cash flow in their earnings announcements. Companies choose a range of definitions for disclosed free cash flow, none of which correspond to the theoretical definition. The most common definition (in 38% of free cash flow disclosures) is operating cash flow...