Title :
Notice of Retraction
Heterogeneous beliefs and post-earnings announcements drift: Evidence form Chinese A — Shares
Author_Institution :
Sch. of Econ., Huazhong Univ. of Sci. & Technol., Wuhan, China
Abstract :
Notice of Retraction
After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.
We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.
The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.
This paper provides an empirical evidence of the relation between heterogeneous beliefs and the post-earnings announcements drift by sampling A-shares listed firms on SHSE and SZSE in 2007. We measure heterogeneous beliefs with the dispersion in analyst forecasts of earnings. The results show the post-event returns strictly decrease as the disagreement of analyst to information of Annals increase. Our evidence suggests that the stock price is determined by the optimistic investors because the short- selling constrain in our country and stops the pessimistic ones´ trading, and thus the stock price contains speculative bubble.
Keywords :
pricing; stock markets; A-shares listed firms; Chinese A - shares; heterogeneous beliefs; optimistic investors; post-earnings announcements drift; post-event returns; speculative bubble; stock price; Educational institutions; IEEE news; heterogeneous beliefs; post-earnings announcements drift; short-selling constrain;
Conference_Titel :
Future Information Technology and Management Engineering (FITME), 2010 International Conference on
Conference_Location :
Changzhou
Print_ISBN :
978-1-4244-9087-5
DOI :
10.1109/FITME.2010.5656233
