EconPapers    
Economics at your fingertips  
 

Are the stock prices influenced by the publication of the annual financial statements? Evidence from the Dow Jones Industrial Average

Silvia Angilella () and Daniele Morelli
Additional contact information
Silvia Angilella: University of Catania
Daniele Morelli: University of Catania

Operational Research, 2021, vol. 21, issue 2, No 10, 1040 pages

Abstract: Abstract The impact of financial statements on the stock prices of listed companies after its publication has been reported and analyzed in several studies. On the basis of financial reporting, the evaluation of a company’s financial performance requires taking into account a plurality of indicators, which are related to profitability, liquidity and managerial performance. In this paper, we investigate whether the publication of the annual financial statements can influence the stock prices of listed companies. Empirical time series data of companies listed on the Dow Jones Industrial Average (DJIA) are used adopting a regression approach. From a different perspective of other papers the regression model proposed considers stock returns measured from the publication of the form 10-k to the disclosure of the quarterly financial statements in May. The obtained results confirm that stock prices are affected by the publication of the financial statements. Finally, the performed analysis also provides some useful guidelines to managers and investors.

Keywords: Stock prices; Financial and accounting variables; Financial statements (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://link.springer.com/10.1007/s12351-019-00476-2 Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:operea:v:21:y:2021:i:2:d:10.1007_s12351-019-00476-2

Ordering information: This journal article can be ordered from
https://www.springer ... search/journal/12351

DOI: 10.1007/s12351-019-00476-2

Access Statistics for this article

Operational Research is currently edited by Nikolaos F. Matsatsinis, John Psarras and Constantin Zopounidis

More articles in Operational Research from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().

 
Page updated 2021-06-26
Handle: RePEc:spr:operea:v:21:y:2021:i:2:d:10.1007_s12351-019-00476-2