..., Brazil, France, India, Russia and the USA. In addition, the authors estimate the difference between the pre- and post-intervention periods of the observed series of stock prices and a simulated time-series that would have occurred without the extreme event of Covid-19, using intervention analysis under...

... in the local region centred on the zero‐surprise level of the signal. Practical implications The paper helps to shed light on the well‐known empirical result that the stock price reaction to earnings' announcements is an S‐shaped function, centred on the zero‐surprise level of reported earnings...