2009 Fiscal Year Final Research Report
cash flow announcement drift
| Project/Area Number |
19730300
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Single-year Grants |
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| Research Field |
Accounting
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| Research Institution | Okayama University |
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Principal Investigator |
NAKAGAWA Toyotaka Okayama University, 大学院・社会文化科学研究科, 准教授 (70403467)
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| Project Period (FY) |
2007 – 2009
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| Keywords | 利益発表後ドリフト / CFO発表後ドリフト |
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| Research Abstract |
The purpose of this study is to examine not only the phenomenon of post-earnings-announcement drift but post-CFO-announcement drift. While many prior researches have been made on attempts to explain post-earnings-announcement drift and the cause of the drift is still controversial, I focus my attention on the extended analysis of the drift. Namely, the point of this study is whether SUCFO deciles have predictability for future abnormal returns or not. It was found from the result that returns from the SUCFO-based strategy are independent of the returns from a SUE-based strategy.
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Research Products
(2 results)
