We examine whether the average earnings surprises announced yesterday affect investors' responses to earnings news announced today. We find that in the short window surrounding an earnings announcement, the market rewards today's earnings news that is above yesterday's average earnings surprises...

The purpose of a management earnings forecast is to forecast the eventual earnings figure released to the market at the earnings announcement date. To the extent that management earnings forecasts should reduce periodic shocks by reducing information asymmetry, stock return volatility is...

This study investigates the effect on stock return volatility of a significant event in the life of a firm, a change in its Chief Executive Officer (CEO). Citing weaknesses in the prior literature, we bring a new approach to re-examine the issue. Firstly, we use a relatively unbiased...