What do measures of real-time corporate sales tell us about earnings surprises and post-announcement returns?

We develop real-time proxies of retail corporate sales from multiple sources, including ~50 million mobile devices. These measures contain information from both the earnings quarter (“within quar ...

Author(s):

Kenneth Froot

Harvard Business School

Namhco Kang

University of Connecticut

Gideon Ozik

EDHEC-Risk Institute

Ronnie Sadka

Carroll School of Management, Boston College

We develop real-time proxies of retail corporate sales from multiple sources, including ~50 million mobile devices. These measures contain information from both the earnings quarter (“within quarter”) and the period between that quarter’s end and the earnings announcement date (“post quarter”). Our within-quarter measure is powerful in explaining quarterly sales growth, revenue surprises and earnings surprises, generating average excess announcement returns of 3.4%.

Type: Working paper
Date: le 11/09/2017
Research Cluster : Finance

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