投资者对何种因素影响回报率地全部了解。Р回报率的非期望部分由下一个月内显示地信息导致,例如?News about Flyers’research?Government figures released on the gross national product (GNP)?Results of the latest arms-control talks?Discovery that a rival’s product has been tampered with?News that Fleyers’sales figures are higher than expected?A sudden drop in interest rates?The unexpected retirement of Flyers’founder and presidentРAnnouncement = Expected part + Surprise?The expected part of any announcement is part of the information the market uses to form the expectation of the return on the stock.?The surprise is the news that influences the unanticipated return on the stock. ?When we speak of news, then, we refer to the surprise part of any announcement and not the portion that the market has expected and therefore has already discounted.
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