{"id":155889,"date":"2024-03-22T16:40:58","date_gmt":"2024-03-22T15:40:58","guid":{"rendered":"https:\/\/www.ieseg.fr\/?post_type=events&#038;p=155889"},"modified":"2024-03-22T17:18:57","modified_gmt":"2024-03-22T16:18:57","slug":"research-seminar-convergence-of-beliefs-after-earnings-announcements-march-2","status":"publish","type":"events","link":"https:\/\/www.ieseg.fr\/en\/events\/research-seminar-convergence-of-beliefs-after-earnings-announcements-march-2\/","title":{"rendered":"[Research Seminar] Convergence of Beliefs after earnings Announcements"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" width=\"880\" height=\"250\" src=\"https:\/\/www.ieseg.fr\/wp-content\/uploads\/2022\/09\/Bandeaux-events-seminaire-recherche.jpg\" alt=\"\" class=\"wp-image-133330\" srcset=\"https:\/\/www.ieseg.fr\/wp-content\/uploads\/2022\/09\/Bandeaux-events-seminaire-recherche.jpg 880w, https:\/\/www.ieseg.fr\/wp-content\/uploads\/2022\/09\/Bandeaux-events-seminaire-recherche-300x85.jpg 300w, https:\/\/www.ieseg.fr\/wp-content\/uploads\/2022\/09\/Bandeaux-events-seminaire-recherche-768x218.jpg 768w, https:\/\/www.ieseg.fr\/wp-content\/uploads\/2022\/09\/Bandeaux-events-seminaire-recherche-150x43.jpg 150w, https:\/\/www.ieseg.fr\/wp-content\/uploads\/2022\/09\/Bandeaux-events-seminaire-recherche-400x114.jpg 400w\" sizes=\"(max-width: 880px) 100vw, 880px\" \/><\/figure><\/div>\n\n\n<p class=\"has-text-align-center\"><strong>Speaker: Garen MARKARIAN<br><\/strong><em>HEC, UNIVERSITY OF LAUSANNE<\/em><\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong>Date and Location &#8211; Tuesday March 28<sup>th<\/sup> 2024 from 2:30pm to 4pm<br>in Lille Campus (B252) and on Zoom<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n\n\n\n<h2>ABSTRACT<\/h2>\n\n\n\n<p>I propose a new and easy to calculate measure that captures the conversion of beliefs of market participants after earnings announcements. I define \u201cCompletely Unforeseen Earnings\u201d as earnings that fall outside the range of consensus analyst forecasts. Such earnings have become very common and constitute 48% of all earnings announcements in the most recent 3 year period. Holding the magnitude<br>of the earnings surprise constant, completely unforeseen earnings lead to a 3 day stock return that is almost twice as strong as earnings that fall within the range of forecasts. Moreover, such firms exhibit significant post earnings announcement drift of 1.65%, while other firms exhibit no drift. Completely unforeseen earnings lead to belief revisions that are large in magnitude and in the direction of the earnings innovation, that occur over a gradual period, and lead to prolonged increases in dispersion.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-text-align-center\"><a href=\"https:\/\/acrobat.adobe.com\/link\/review?uri=urn:aaid:scds:US:2902147f-897f-3572-ae3c-4203eaa9be4f\" target=\"_blank\" rel=\"noreferrer noopener\">More Info<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Speaker: Garen MARKARIANHEC, UNIVERSITY OF LAUSANNE Date and Location &#8211; Tuesday March 28th 2024 from 2:30pm to 4pmin Lille Campus (B252) and on Zoom &#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211; ABSTRACT I propose a new [&hellip;]<\/p>\n","protected":false},"featured_media":0,"template":"","events-category":[200,66,166],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>[Research Seminar] Convergence of Beliefs after earnings Announcements - 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