A Study On The Industry Transfer Effects Of Earnings Announcements

This article studies the relationship between earnings-stock price,mainly focusing on the transfer effect of the earnings announcement,and selected twelve Liquor listed companies as the research object from the stock market.The 429 data as the study samples come from the financial statements ranging from the first quarter of 2010 to the first quarter of 2017.In this paper,we take the earnings announcement-relating theories as the basis,by creating the model construction and empirical research.According to the GMM model with lag effect and the different regression of different event windows,the data of the whole and the influence of the event window are analyzed empirically.three hypotheses are proposed in this paper: The public listed companies earnings announcement can affect the stock price and trading volume,thus can have the effectiveness of information released by listed companies;Accounting earnings announcement has the effect of transfer between different companies within the same industry;The earnings announcement industry has different influence on the stock price due to the setup of the event windows.