{"id":"https://openalex.org/W3040906124","doi":"https://doi.org/10.5430/ijfr.v11n4p306","title":"Earnings Surprises and Stock Price Reactions of Quoted Companies in Nigeria","display_name":"Earnings Surprises and Stock Price Reactions of Quoted Companies in Nigeria","publication_year":2020,"publication_date":"2020-07-07","ids":{"openalex":"https://openalex.org/W3040906124","doi":"https://doi.org/10.5430/ijfr.v11n4p306","mag":"3040906124"},"language":"en","primary_location":{"id":"doi:10.5430/ijfr.v11n4p306","doi":"https://doi.org/10.5430/ijfr.v11n4p306","is_oa":true,"landing_page_url":"https://doi.org/10.5430/ijfr.v11n4p306","pdf_url":"https://www.sciedupress.com/journal/index.php/ijfr/article/download/17077/11266","source":{"id":"https://openalex.org/S2764950559","display_name":"International Journal of Financial Research","issn_l":"1923-4023","issn":["1923-4023","1923-4031"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core","poland-20"],"host_organization":"https://openalex.org/P4310320842","host_organization_name":"Sciedu Press","host_organization_lineage":["https://openalex.org/P4310320842"],"host_organization_lineage_names":["Sciedu Press"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Financial Research","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://www.sciedupress.com/journal/index.php/ijfr/article/download/17077/11266","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5002017032","display_name":"Malthus Timothy Ekpe","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I207227095","display_name":"Nnamdi Azikiwe University","ror":"https://ror.org/02r6pfc06","country_code":"NG","type":"education","lineage":["https://openalex.org/I207227095"]}],"countries":["NG"],"is_corresponding":false,"raw_author_name":"Malthus Timothy Ekpe","raw_affiliation_strings":["Department of Accountancy, Nnamdi Azikiwe University, Awka, Anambra State, Nigeria"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Accountancy, Nnamdi Azikiwe University, Awka, Anambra State, Nigeria","institution_ids":["https://openalex.org/I207227095"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5019546996","display_name":"Rosemary Obiageri Obasi","orcid":"https://orcid.org/0000-0001-7768-0858","observed_orcids":["https://orcid.org/0000-0001-7768-0858"]},"institutions":[{"id":"https://openalex.org/I919958821","display_name":"Bayero University Kano","ror":"https://ror.org/049pzty39","country_code":"NG","type":"education","lineage":["https://openalex.org/I919958821"]}],"countries":["NG"],"is_corresponding":false,"raw_author_name":"Rosemary Obiageri Obasi","raw_affiliation_strings":["Department of Accounting,\nFaculty of Management Sciences,\nBayero University, Kano, Nigeria"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Accounting,\nFaculty of Management Sciences,\nBayero University, Kano, Nigeria","institution_ids":["https://openalex.org/I919958821"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5010423801","display_name":"Sadiq Rabiu Abdullahi","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I171217772","display_name":"Benson Idahosa University","ror":"https://ror.org/01a203m72","country_code":"NG","type":"education","lineage":["https://openalex.org/I171217772"]}],"countries":["NG"],"is_corresponding":false,"raw_author_name":"Sadiq Rabiu Abdullahi","raw_affiliation_strings":["Department of Accounting\nBenson Idahosa University, Edo State, Nigeria"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Accounting\nBenson Idahosa University, Edo State, Nigeria","institution_ids":["https://openalex.org/I171217772"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5078458289","display_name":"Umar Aliyu Mustapha","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I51569856","display_name":"Sultan Zainal Abidin University","ror":"https://ror.org/00bnk2e50","country_code":"MY","type":"education","lineage":["https://openalex.org/I51569856"]}],"countries":["MY"],"is_corresponding":false,"raw_author_name":"Umar Aliyu Mustapha","raw_affiliation_strings":["Faculty of Business & Management Science, Universiti Sultan Zainal Abidin, Terengganu, Malaysia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Faculty of Business & Management Science, Universiti Sultan Zainal Abidin, Terengganu, Malaysia","institution_ids":["https://openalex.org/I51569856"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5090425014","display_name":"Norfadzilah Rashid","orcid":"https://orcid.org/0000-0002-6678-1052","observed_orcids":["https://orcid.org/0000-0002-6678-1052"]},"institutions":[{"id":"https://openalex.org/I51569856","display_name":"Sultan Zainal Abidin University","ror":"https://ror.org/00bnk2e50","country_code":"MY","type":"education","lineage":["https://openalex.org/I51569856"]}],"countries":["MY"],"is_corresponding":false,"raw_author_name":"Norfadzilah Rashid","raw_affiliation_strings":["Faculty of Business & Management Science, Universiti Sultan Zainal Abidin, Terengganu, Malaysia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Faculty of Business & Management Science, Universiti Sultan Zainal Abidin, Terengganu, Malaysia","institution_ids":["https://openalex.org/I51569856"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":4,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.5187,"has_fulltext":true,"cited_by_count":5,"citation_normalized_percentile":{"value":0.7109649,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":89,"max":97},"biblio":{"volume":"11","issue":"4","first_page":"306","last_page":"306"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9843999743461609,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9843999743461609,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.007899999618530273,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.004699999932199717,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/earnings-surprises","display_name":"earnings surprises","score":0.996999979019165},{"id":"https://openalex.org/keywords/stock-price-reaction","display_name":"stock price reaction","score":0.9110000133514404},{"id":"https://openalex.org/keywords/earnings-persistence","display_name":"earnings persistence","score":0.5479999780654907},{"id":"https://openalex.org/keywords/nigerian-stock-exchange","display_name":"Nigerian Stock Exchange","score":0.824999988079071},{"id":"https://openalex.org/keywords/quoted-companies","display_name":"quoted companies","score":0.8659999966621399},{"id":"https://openalex.org/keywords/market-efficiency","display_name":"market efficiency","score":0.800000011920929},{"id":"https://openalex.org/keywords/investor-confidence","display_name":"investor confidence","score":0.7839999794960022},{"id":"https://openalex.org/keywords/earnings-disclosure","display_name":"earnings disclosure","score":0.4269999861717224}],"concepts":[{"id":"https://openalex.org/C2778357720","wikidata":"https://www.wikidata.org/wiki/Q17147211","display_name":"Earnings surprise","level":5,"score":0.7313142418861389},{"id":"https://openalex.org/C206217203","wikidata":"https://www.wikidata.org/wiki/Q1134378","display_name":"Earnings per share","level":3,"score":0.6913245916366577},{"id":"https://openalex.org/C2781426361","wikidata":"https://www.wikidata.org/wiki/Q5326940","display_name":"Earnings","level":2,"score":0.6714646816253662},{"id":"https://openalex.org/C190775180","wikidata":"https://www.wikidata.org/wiki/Q5326946","display_name":"Earnings response coefficient","level":3,"score":0.6238757967948914},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.576259970664978},{"id":"https://openalex.org/C133441289","wikidata":"https://www.wikidata.org/wiki/Q127473","display_name":"Price\u2013earnings ratio","level":4,"score":0.5585421323776245},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.5570578575134277},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.5527356266975403},{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.5351468324661255},{"id":"https://openalex.org/C80441148","wikidata":"https://www.wikidata.org/wiki/Q5326949","display_name":"Earnings yield","level":5,"score":0.4981563091278076},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.4892832934856415},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.43604856729507446},{"id":"https://openalex.org/C147808555","wikidata":"https://www.wikidata.org/wiki/Q7233519","display_name":"Post-earnings-announcement drift","level":4,"score":0.42174068093299866},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.42111936211586},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4007887542247772},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.13894334435462952},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.5430/ijfr.v11n4p306","doi":"https://doi.org/10.5430/ijfr.v11n4p306","is_oa":true,"landing_page_url":"https://doi.org/10.5430/ijfr.v11n4p306","pdf_url":"https://www.sciedupress.com/journal/index.php/ijfr/article/download/17077/11266","source":{"id":"https://openalex.org/S2764950559","display_name":"International Journal of Financial Research","issn_l":"1923-4023","issn":["1923-4023","1923-4031"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core","poland-20"],"host_organization":"https://openalex.org/P4310320842","host_organization_name":"Sciedu Press","host_organization_lineage":["https://openalex.org/P4310320842"],"host_organization_lineage_names":["Sciedu Press"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Financial Research","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:jfr:ijfr11:v:11:y:2020:i:4:p:306-315","doi":null,"is_oa":false,"landing_page_url":"http://www.sciedu.ca/journal/index.php/ijfr/article/view/17077/11266","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"doi:10.5430/ijfr.v11n4p306","doi":"https://doi.org/10.5430/ijfr.v11n4p306","is_oa":true,"landing_page_url":"https://doi.org/10.5430/ijfr.v11n4p306","pdf_url":"https://www.sciedupress.com/journal/index.php/ijfr/article/download/17077/11266","source":{"id":"https://openalex.org/S2764950559","display_name":"International Journal of Financial Research","issn_l":"1923-4023","issn":["1923-4023","1923-4031"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core","poland-20"],"host_organization":"https://openalex.org/P4310320842","host_organization_name":"Sciedu Press","host_organization_lineage":["https://openalex.org/P4310320842"],"host_organization_lineage_names":["Sciedu Press"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Financial Research","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3040906124.pdf","grobid_xml":"https://content.openalex.org/works/W3040906124.grobid-xml"},"referenced_works_count":29,"referenced_works":["https://openalex.org/W92336404","https://openalex.org/W587017456","https://openalex.org/W797469273","https://openalex.org/W1545607334","https://openalex.org/W1573412076","https://openalex.org/W1980761461","https://openalex.org/W2029550697","https://openalex.org/W2040130734","https://openalex.org/W2047134779","https://openalex.org/W2053154084","https://openalex.org/W2065706705","https://openalex.org/W2096452841","https://openalex.org/W2100619828","https://openalex.org/W2139446072","https://openalex.org/W2144131031","https://openalex.org/W2199310552","https://openalex.org/W2217241292","https://openalex.org/W2464018396","https://openalex.org/W2563745913","https://openalex.org/W2606123762","https://openalex.org/W2970013430","https://openalex.org/W2999682869","https://openalex.org/W3122398099","https://openalex.org/W3122398539","https://openalex.org/W3124631325","https://openalex.org/W3125788531","https://openalex.org/W4230503946","https://openalex.org/W4242678200","https://openalex.org/W4244969378"],"related_works":["https://openalex.org/W4294970360","https://openalex.org/W4414020466","https://openalex.org/W1761091165","https://openalex.org/W3122398099","https://openalex.org/W7219092386","https://openalex.org/W7100783326","https://openalex.org/W7007858536","https://openalex.org/W1540904580","https://openalex.org/W2566074955","https://openalex.org/W3109273437"],"abstract_inverted_index":{"This":[0,18,185,233],"study":[1,19,46,86,211],"focuses":[2],"on":[3,32],"examining":[4],"the":[5,27,51,64,68,72,85,88,110,119,148,190,207,220,225,236,258],"relationship":[6],"between":[7],"stock":[8,33,171,221,231,246],"prices":[9,34,134,172],"and":[10],"earnings":[11,30,81,94,129,156,166,177,199,240],"surprises":[12,31,82,139,178],"in":[13,47,84,145,159,187,230,257],"quoted":[14],"companies":[15,42,70],"of":[16,29,40,50,63,93,106,143,183,192,227],"Nigeria.":[17],"applied":[20],"a":[21,141,160,180,203,216,251],"longitudinal":[22],"research":[23,56],"design":[24],"which":[25,152,195,239],"studies":[26],"effect":[28],"using":[35,118],"panel":[36],"data.":[37],"A":[38],"sample":[39],"64":[41],"was":[43,113],"chosen":[44],"to":[45,76,99,137,175,202,206,218,223,253],"all":[48],"sectors":[49],"Nigerian":[52],"Stock":[53],"Exchange.":[54],"The":[55,78,124,164,210],"data":[57,111],"were":[58],"obtained":[59],"from":[60,74],"secondary":[61],"sources":[62],"annual":[65],"reports":[66],"for":[67,80,127],"selected":[69],"covering":[71],"period":[73],"2013":[75],"2017.":[77],"measurement":[79],"used":[83],"is":[87,186,215,250],"residual":[89],"or":[90],"unexplained":[91],"component":[92],"persistence":[95],"model":[96],"commonly":[97],"referred":[98],"as":[100],"first-order":[101],"autoregressive":[102],"AR":[103],"(1)":[104],"regression":[105,117,125],"reported":[107],"earnings.":[108],"Were,":[109],"analysis":[112],"carried":[114],"out":[115],"by":[116,262],"generalised":[120],"least":[121],"squares":[122],"technique.":[123],"results":[126,158,168],"positive":[128,138,155,181,204],"surprise":[130,167],"shows":[131],"that":[132,154,170,197,213],"share":[133,208],"react":[135,173],"negatively":[136],"with":[140,147,179,189],"coefficient":[142,182],"(-2.4109)":[144],"tandem":[146],"return":[149,193],"news":[150,157,200,241],"hypothesis":[151],"suggests":[153],"negative":[161,165,176,198],"stock-price":[162],"reaction.":[163],"show":[169],"positively":[174],"(0.1136).":[184],"line":[188],"premise":[191],"news,":[194],"indicates":[196],"leads":[201],"reaction":[205],"price.":[209],"recommends":[212],"there":[214,249],"need":[217,252],"regulate":[219],"market":[222,228],"improve":[224,235,254],"level":[226],"efficiency":[229],"markets.":[232],"will":[234,242],"rate":[237],"at":[238,245],"be":[243],"reserved":[244],"prices.":[247],"Secondly,":[248],"investor":[255],"confidence":[256],"disclosed":[259],"profits":[260],"made":[261],"companies.":[263]},"counts_by_year":[{"year":2024,"cited_by_count":3},{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":1}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2020-07-16T00:00:00"}