ABSTRACT
This study presents an attempt to examine the reaction of stock prices of selected Kazakhstani firms to the announcement of quarterly earnings increase or decrease between 2012 and 2020 which includes the year of the post-global financial crisis as well as the year marked by the emergence of the virus which hit economies around the world. The event study methodology was applied to seven firms listed on KASE, with estimation and post-estimation windows of 200 and 40 days, respectively between 2012 and 2020. OLS regression was utilised to test the relationship between earnings announcements and stock returns. The findings of this study demonstrate a positive statistically significant price reaction on the next day following the announcement event when considering aggregate returns for a total of 50 earnings events of the sample period. Though, the magnitude and direction of average abnormal returns (AARs) vary when each year is considered separately. Copyright © 2023 Inderscience Enterprises Ltd.