In addition to investigating the information content of earnings announcements,capital markets research has also considered whether:

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Capital market research has examined whether earnings announcements reflect information that investors have already taken into account. This is important because if investors have already anticipated the information contained in an earnings announcement, there may be little reaction in the stock price when the announcement is made. Additionally, research has examined whether earnings announcements convey new information beyond what investors have already incorporated into their expectations.

In Addition to Investigating the Information Content of Earnings Announcements,capital