When is bad news really bad news ?

Deskripsi

We examine whether the price response to bad and good earnings shocks changes as the relative level of the market changes. The sudy is based on a complete sample of annual earnings announcements during the period 1988 to 1998. The relative level of the market is based on the difference between the current market P / E and the average market P / E over the prior 12 months. .Printed Journal