Stock Prices Reactions to Earnings Announcement Released During Trading versus Non-Trading Hours

Author(s)	Jalihal Sharanappa, Mallikarjun Naik
Country	India
Abstract	The study has examined the stock prices reactions to quarterly earnings announcements released during trading versus non-trading hours. An event study method is applied to test whether the Indian stock market is semi-efficient. The NSE Nifty 500 companies are included in our sample. The sales, profit, and EPS figures from the current year are compared to similar quarters from the prior year to determine earnings changes. According to the study, the market's reaction to the announcements both during and non- trading hours was similar. We found that Firms generally released positive earnings changes during trading hours and negative earnings changes outside of regular trading hours. An empirical examination of CARs for multi-day event windows indicates there is market inefficiency and that there is a delayed price reactions.
Keywords	Stock prices, Event Study, Earnings Announcements, Earnings Change, semi-efficient
Field	Sociology > Banking / Finance
Published In	Volume 5, Issue 4, July-August 2023
Published On	2023-07-26
Cite This	Stock Prices Reactions to Earnings Announcement Released During Trading versus Non-Trading Hours - Jalihal Sharanappa, Mallikarjun Naik - IJFMR Volume 5, Issue 4, July-August 2023. DOI 10.36948/ijfmr.2023.v05i04.4680
DOI	https://doi.org/10.36948/ijfmr.2023.v05i04.4680
Short DOI	https://doi.org/gsjjq3

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