document - Group 1 Laila Elgandoz Brittany Koshinski Uma...

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Group 1- Laila Elgandoz, Brittany Koshinski, Uma Mulakala, Olivia Sprecher, Alexis Tate Industry Analysis Industry: Retail SIC Code: 5651 Population: Firms in the retail industry Sample: Top ten firms by highest revenue Research Question(s) RQ1: How does the retail market respond to quarterly earnings statements being released? RQ2: What is the correlation between earnings surprise and market response? Sample Selection and Data Description For our sample, we selected the top ten firms in the retail industry with the highest revenue for 16 quarters. To further our analysis, we extracted quarterly earnings announcement dates over 16 periods and compared our calculations for earning surprises (independent variable) and returns (dependent variable). For comparability we examined the correlation between our variables and then split our sample into positive and negative surprises and correspondingly positive and negative stock market responses. This allows us to take a holistic approach to examining the retail market fluctuations.
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