Market Reactions to Earnings Announcements in Profitable and Loss Firm-Quarters: Changes Around the Market Restructuring

The purpose of this paper is to examine whether the market reaction to earnings announcements in each market segment （prime market segment, standard market segment, and growth market segment） differs between profitable and loss-making firms around the time of market restructuring. We have previously studied market reactions to quarterly earnings announcements in the context of the revision of market segmentation at the Tokyo Stock Exchange. However, we have not studied the differences between profitable firm quarters and loss firm quarters. Therefore, the analysis in this paper focuses on whether the net income attributable to owners of the parent is positive or negative. In the growth market segment, significant differences between profitable and loss-making firms were observed in the results of the analysis.

論説 (Articles)