主题：不可预知的收入是可以预测的吗？

主讲人：周海刚  副教授

            美国克利夫兰州立大学 金融系副教授（已获得终身教职）
     美国克利夫兰州立大学 孔子学院院长

内布拉斯加大学 金融博士；CFA（注册金融分析师）

时  间：2014年6月12日（周四）  下午2:00-4:00

地  点：东荣大厦604报告厅

                       欢迎老师与同学们踊跃参加！ 

[周海刚副教授报告内容简介]

      “We investigate whether information extracted from trading activities in the equity options markets can be used to forecast unexpected earnings. Employing a sample of all firm quarterly earnings between 1996 and 2012 in the United States, we document evidence that implied volatility smirk in the options markets have significant prediction power of standardized unexpected earnings. Furthermore, the predictability is stronger for NASDAQ firms than for NYSE firms and is stronger over the post-SOX period than over the pre-SOX period. Moreover, implied volatility smirk predicts both short- and long-term cumulative abnormal returns following an earnings announcement.”