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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Quarters<br />
from:<br />
(no. of obs.)<br />
Year 5<br />
(n =<br />
220,186)<br />
All 20<br />
quarters<br />
(n<br />
=1,386,813)<br />
Table 5 (Continued)<br />
Intercept <strong>Growth</strong> Good Bad FE Good*<br />
<strong>Growth</strong>*<br />
FE<br />
.0137<br />
(5.60)<br />
.0193<br />
(8.35)<br />
-.0001<br />
(-0.11)<br />
-.0012<br />
(-2.29)<br />
.0176<br />
(7.00)<br />
.0217<br />
(9.18)<br />
-.0262<br />
(-10.51)<br />
-.0337<br />
(-14.43)<br />
1.7797<br />
(15.61)<br />
2.2370<br />
(18.97)<br />
.7000<br />
(8.34)<br />
.5207<br />
(6.05)<br />
Bad*<br />
<strong>Growth</strong>*<br />
FE<br />
1.2608<br />
(20.84)<br />
1.2889<br />
(20.88)<br />
Adjusted<br />
R-squared<br />
9.40%<br />
9.78%<br />
54
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