Do changes in earnings signal future prospects after the global financial crisis and emergence of COVID-19? Evidence from Kazakhstan Online publication date: Wed, 21-Dec-2022
by Assem Orazayeva; Alimshan Faizulayev; Muhammad Arslan; Nejat Capar
International Journal of Electronic Finance (IJEF), Vol. 12, No. 1, 2023
Abstract: This study presents an attempt to examine the reaction of stock prices of selected Kazakhstani firms to the announcement of quarterly earnings increase or decrease between 2012 and 2020 which includes the year of the post-global financial crisis as well as the year marked by the emergence of the virus which hit economies around the world. The event study methodology was applied to seven firms listed on KASE, with estimation and post-estimation windows of 200 and 40 days, respectively between 2012 and 2020. OLS regression was utilised to test the relationship between earnings announcements and stock returns. The findings of this study demonstrate a positive statistically significant price reaction on the next day following the announcement event when considering aggregate returns for a total of 50 earnings events of the sample period. Though, the magnitude and direction of average abnormal returns (AARs) vary when each year is considered separately.
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