Interpreting the Stock Returns to New Product Announcements: How the past Shapes Investors’ Expectations of the Future

Volume: 54, Issue: 5, Pages: 799 - 815
Published: Oct 1, 2017
Abstract
Investors routinely follow firms’ communications and actions to form expectations about the firms’ future performance. The authors propose a set of firm and industry characteristics that influence the formation of investor expectations in the context of new product announcements. Specifically, they argue that positive expectations of future innovation output should cause an ex-ante increase in stock prices and a smaller ex-post market reaction...
Paper Details
Title
Interpreting the Stock Returns to New Product Announcements: How the past Shapes Investors’ Expectations of the Future
Published Date
Oct 1, 2017
Volume
54
Issue
5
Pages
799 - 815
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