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Article history: Received October 28, 2012 Received in revised format 26 January 2013 Accepted 28 January 2013 Available online February 4 2013 Earning reports are the primary basis of investment decisions among many individuals and fund managers. Any positive/negative adjustment on quarterly financial report could influence investment strategies, which consequently make significant change on market value. In this paper, we present an empirical study on some selected firms on Tehran Stock exchange by looking the effects of quarterly earning adjustment on firm and market’s return. The proposed study selects all firms whose shares were actively and publicly traded over the period 20062011. The study investigates whether there is a meaningful relationship between the content of quarterly earnings report and stock price with/without the presence of control variables. The results have concluded that there are some meaningful relationships between change in earning and market value and return on firm with market value but market value seems to have no relationship with market return changes. © 2013 Growing Science Ltd. All rights reserved.

An investigation on the relationship between quarterly earnings adjustment and market value in selected firms listed on TSE Exchange