Earnings Surprises, Growth Expectations, and Stock Returns:
Earnings Surprises, Growth Expectations, and Stock Returns:
Earnings Surprises, Growth Expectations, and Stock Returns:
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Period (obs.) Intercept <strong>Growth</strong><br />
Year 5<br />
(n = 220,185)<br />
All 20 Quarters<br />
(n = 1,386,813)<br />
.0051<br />
(4.14)<br />
.0061<br />
(5.10)<br />
.0097<br />
(8.06)<br />
.0065<br />
(5.36)<br />
0.0092<br />
(7.89)<br />
0.0137<br />
(11.74)<br />
-.0026<br />
(-5.06)<br />
-.0014<br />
(-2.88)<br />
-.0012<br />
(-2.36)<br />
-.0032<br />
(-6.56)<br />
-0.0026<br />
(-5.36)<br />
-0.0025<br />
(-5.28)<br />
Table 3 (Continued)<br />
Surprise Surprise<br />
*<strong>Growth</strong><br />
.0358<br />
(28.45)<br />
.0080<br />
(4.25)<br />
0.0414<br />
(34.12)<br />
0.0123<br />
(7.15)<br />
.0058<br />
(11.97)<br />
.0062<br />
(8.38)<br />
0.0059<br />
(11.67)<br />
0.0070<br />
(10.19)<br />
Forecast<br />
Error<br />
2.5912<br />
(17.53)<br />
3.1803<br />
(21.53)<br />
Forecast<br />
Error<br />
*<strong>Growth</strong><br />
.6880<br />
(9.92)<br />
0.5842<br />
(8.39)<br />
Adjusted Rsquared<br />
.08%<br />
7.02%<br />
9.45%<br />
.06%<br />
7.49%<br />
9.80%<br />
48
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