Evaluation of the relationship between stock prices and earnings announcements by listed companies in Hong Kong

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Evaluation of the relationship between stock prices and earnings announcements by listed companies in Hong Kong

 

Author: Chan, Wing-kwong Ringo
Title: Evaluation of the relationship between stock prices and earnings announcements by listed companies in Hong Kong
Degree: M.B.A.
Year: 1995
Subject: Stocks -- Prices -- China -- Hong Kong
Corporate profits -- China -- Hong Kong
Corporations -- China -- Hong Kong
Hong Kong Polytechnic University -- Dissertations
Department: Dept. of Management
Pages: vii, 72 leaves ; 30 cm
Language: English
InnoPac Record: http://library.polyu.edu.hk/record=b1483400
URI: http://theses.lib.polyu.edu.hk/handle/200/1797
Abstract: This study examines the market's reaction to earnings announcements by the listed companies in the Hong Kong Stock Exchange . The earnings announcements were not found to generate a significant market reaction . Such a result is not consistent with the semi-strong form market efficiency . in that the price adjustment to publicly available information is immediate. Based on the findings in this study . Hong Kong Stock Exchange is a less than semi-strong form efficient market. The evidence found in the Hong Kong Stock market concerning the earnings announcement is different from the U.S. market which is a semi-strong efficient market . The response to the earnings announcement is not generally related to the firm size . The result of this study reveals that the market reactions by the Hang Seng Index shares and Non Hang Seng Index shares show similar overall results.

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