Industry Difference in Stock Price Reactions to Earnings Announcements During the Post-Pandemic Economic Recovery: Evidence from Ordinary Least Squares Regressions

DOI

10.2991/978-94-6239-801-6_28How to use a DOI?

Keywords

Pandemic; Recovery-Sensitive; Online-Economy; Cumulative Abnormal Return; Risk Exposure

Abstract

2024 is a key node of global economic recovery and restructuring in the post-pandemic period, during which industries exhibit significantly different recovery traces and risk uncertainty. Earnings announcements, which provide actual corporate information, play an important role in resolving market uncertainty. This study uses a sample of Nasdaq-listed firms to examine whether stock price reactions to earnings announcements is different across industries during this recovery period. Firms are classified into three groups: recovery-sensitive, online-economy, and neutral benchmark, and market reactions are measured by cumulative abnormal returns in earnings announcement windows. The empirical results show that the stock price reaction of firms in recovery-sensitive industries are significantly stronger than those in the benchmark group, while there are no statistically significant differences for firms in online-economy industries. Mechanism analyses further indicate that the observed industry effect is mainly driven by the difference in risk exposure. The significance of industry variables disappears after controlling the historical stock return volatility. These findings suggest that uncertainty is the key driver of short-term asset price fluctuations during this macroeconomic recovery period.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Meng Wang
PY  - 2026
DA  - 2026/10/23
TI  - Industry Difference in Stock Price Reactions to Earnings Announcements During the Post-Pandemic Economic Recovery: Evidence from Ordinary Least Squares Regressions
BT  - Proceedings of the 2026 2nd International Conference on Financial Innovation and Marketing Management (FIMM 2026)
PB  - Atlantis Press
SP  - 249
EP  - 257
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-801-6_28
DO  - 10.2991/978-94-6239-801-6_28
ID  - Wang2026
ER  -