Currency fluctuations and the post-earnings announcement drift

Impact of Exchange Rate Fluctuation on Import and Export Enterprises in China and Japan and Countermeasures

“…In summary, Great Wall Motors has adopted strategies such as diversified markets, foreign exchange risk hedging, cost control, differentiated pricing and financial planning to cope with the challenges brought about by exchange rate fluctuations and maintain stable business growth and financial health. These strategies not only help reduce risks, but also provide strong support for companies to identify opportunities in the global market [7].…”

Market efficiency, margin requirements, and risk-taking

“…Second, McLean and Pontiff (2012) document a general decline in anomaly returns after investors learn about anomalies through academic publications. Thus, one would expect greater underreaction to earnings news (i.e., a smaller initial reaction and larger PEAD) in the pre- 107 For recent studies of PEAD, see Yifan, Nekrasov, and Teoh (2020), He and Narayanamoorthy (2020), Beaver, McNichols and Wang (2020), Ali, Chen, Yao, and Yu (2020), Hirshleifer, Peng, and Wang (2019), Thomas, Zhang, and Zhu (2021), Li and Lytvynenko (2021), Meursault, Liang, Routledge, and Scanlon (2021). In addition, see , Barber and Odean (2000), Bartov (1992), Bartov, Krinsky, and Radhakrishnan (2000), Hirshleifer and Teoh (2003), ), Campbell, Ramadorai, and Schwartz (2009, Baker et al (2010), Ke and Ramalingegowda (2005), Taylor (2010), Ayers et al (2011), Hirshleifer, Lim, and, DellaVigna andPollet (2009), and.…”