Investors’ behavior to earnings announcement during the COVID-19 pandemic: Evidence from Cambodia

Muhammad M. Ma’aji and Siang Hi Lee
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Muhammad M. Ma’aji: CamEd Business School, Cambodia
Siang Hi Lee: CamEd Business School, Cambodia

Journal of Accounting, Finance, Economics, and Social Sciences, 2021, vol. 6, issue 2, 41-50

Abstract: This study investigates the reaction of investors to annual earnings releases as reflected in the share price movements of common stocks and volume of trade during the COVID-19 pandemic. Event methodology is employed, and the returns in an event window, defined conventionally as the days before to days after a firm-specific public earnings announcement, are not abnormal. We provide an apparent example where investors did not react to firm-specific positive earnings announcements. This could be influenced by the government in response to COVID-19 as we have seen governments and central banks worldwide quickly enacted sweeping and sizable fiscal and monetary stimulus measures to limit the human and economic impact of the COVID-19 pandemic. These actions during an economic downturn or crisis have helped to stabilize the economy and increase confidence in the market.

Keywords: Event study; information and market efficiency; corporate earnings announcement; COVID-19; Cambodia market (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:euj:jafess:v:6:y:2021:i:2:id:42

DOI: 10.62458/jafess.160224.6(2)41-50

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