Sulistiawan, Dedhy and Hartono, Jogiyanto and Tandelilin, Eduardus and Supriyadi, Supriyadi (2014) EARNINGS ANNOUNCEMENTS AND COMPETING INFORMATION: THE INDONESIAN EVIDENCE. Journal of Indonesian Economy and Business, 29 (1). pp. 44-55. ISSN print 2085-8272; online ISSN 2338-5847
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Abstract
The main purpose of this study is to provide empirical evidence of the relationship between investors’ responses to two events, which are, (1) earnings anouncements, and (2) technical analysis signals, as competing information. This study is motivated by Francis, et al. (2002), whose study used stock analyst’s recommendations as competing information in the U.S stock market. To extend that idea, this study uses t echnical analysis signals as competing information in the Indonesian stock market. Using Indonesian da ta from 2007-2012, th is study shows that there are price reactions on the day of a technica l analysis signal’s release, which is prior to earnings announcements. It means that invest ors react to the emergence of competing information. Reactions on earnings announcements also produce a negative relationship with the reaction to a technical analysis signal before an earnings announcement. This study gives evidence about the importance of technical analysis as competing information to earnings announcements.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | competing information, earnings announcements, technical analysis, price reaction |
| Subjects: | H Social Sciences > HF Commerce > HF5601 Accounting |
| Divisions: | Faculty of Business and Economic > Department of Accounting |
| Depositing User: | Dedhy Sulistyawan 31116 |
| Date Deposited: | 24 Feb 2020 07:11 |
| Last Modified: | 24 Mar 2021 16:20 |
| URI: | http://repository.ubaya.ac.id/id/eprint/37412 |
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