INVESTIGATING THE DETERMINANTS OF EARNINGS RESPONSE COEFFICIENT (A CASE STUDY OF TEHRAN STOCK EXCHANGE)

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HAKIMIPOOR NADER

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Journal: Financial Economics Year:2017 | Volume:10 | Issue:37 Page(s): 111-125

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Title

INVESTIGATING THE DETERMINANTS OF EARNINGS RESPONSE COEFFICIENT (A CASE STUDY OF TEHRAN STOCK EXCHANGE)

Author(s)

HAKIMIPOOR NADER | Issue Writer Certificate

Keywords

EARNING RESPONSE COEFFICIENTQ1

UNEXPECTED EARNINGSQ1

RATE OF RETURNQ2

STOCK EXCHANGEQ2

Abstract

Investors make their investments by considering available information, including the information provided in financial statements. Good news result in positive reactions by the investors and bad news result in their negative reaction. The concern for finding the relationship between ROE and the unexpected portion of companies’ earnings announcements lead to the introduction of the concept of earnings response coefficient, or ERC. The main goal of the present survey is to study the determinants of the ERC in the Tehran STOCK EXCHANGE. To perform this, the data for 158 corporations present in the Tehran Sock Exchange during 2006 to 2011 have been collected. Then the determinants of ERC have been studied. These determinants are: interest rate, systematic risk, growth opportunities and the financial leverage. The methods used for the study and the test of hypothesis are the econometric methods based on the panel data.The results of the study show that the financial leverage and the systematic risk have a negative and significant effect on the ERC, while the growth opportunity determinant has a positive and significant effect on the ERC. No significant relationships were found for the interest rate determinant.

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APA: Copy

HAKIMIPOOR, NADER. (2017). INVESTIGATING THE DETERMINANTS OF EARNINGS RESPONSE COEFFICIENT (A CASE STUDY OF TEHRAN STOCK EXCHANGE). JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT), 10(37), 111-125. SID. https://sid.ir/paper/229059/en

Vancouver: Copy

HAKIMIPOOR NADER. INVESTIGATING THE DETERMINANTS OF EARNINGS RESPONSE COEFFICIENT (A CASE STUDY OF TEHRAN STOCK EXCHANGE). JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT)[Internet]. 2017;10(37):111-125. Available from: https://sid.ir/paper/229059/en

IEEE: Copy

NADER HAKIMIPOOR, “INVESTIGATING THE DETERMINANTS OF EARNINGS RESPONSE COEFFICIENT (A CASE STUDY OF TEHRAN STOCK EXCHANGE),” JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT), vol. 10, no. 37, pp. 111–125, 2017, [Online]. Available: https://sid.ir/paper/229059/en

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