6. Timing of announcements. Run the following three regressions: = Frick Bo+B11(Sure,k ...

Transcribed Image Text:

6. Timing of announcements. Run the following three regressions: = Frick Bo+B11(Sure,k <0) + t,k, Frit,k=Bo+B11(Sure,k * Q6: Regression (strategic timing of announcements?) cd "/Users/*/uments/EmpMet" clear cap erase temp.txt use "/Users/*/Downloads/dataset-5.dta" duplicates drop ticker fpe, force //ssc install egenmore rename anndats ead xtile] SurQ1to100 = Sur, nquantiles (100) by (quarter) (Sur <0) g D0 g D25 (SurQ1to100 < 26) g D10 (SurQ1to100 < 11) g Fridow(ead)==5 //dow day of week reg Fri D0, cluster (ead) outreg2 using my reg06.txt reg Fri D25, cluster(ead) outreg2 using my regQ6.txt, append reg Fri D10, cluster (ead) outreg2 using my reg06.txt, append seeout // Data Editor (Browse) - dataset-5.dta Q Edit mode Save Find Sidebar ticker[1] 0000 ticker 1 0000 ncusip 87482X10 statpers measure fiscalp 17apr2014 EPS numest medest meanest fpe QTR 5 .11 12 pdicity 30jun2014 TALMER BANCORP QTR cname ead 2 0000 87482X10 17jul2014 EPS QTR 5 .15 .18 30sep2014 TALMER BANCORP 3 0000 87482X10 16oct2014 EPS QTR 5 .17 .17 4 0000 87482X10 15jan2015 EPS QTR 6 .17 .17 QTR 31dec2014 TALMER BANCORP QTR 31mar2015 TALMER BANCORP QTR anntims 06aug2014 17:05:00 04nov2014 16:15:00 30jan2015 16:30:00 actdats acttims value permno Sur quarter SurQ11 30apr2015 06:00:00 5 0000 6 0000 7 0000 87482X10 87482X10 16apr2015 EPS QTR 6 .22 .22 16jul2015 EPS QTR 5 .24 30jun2015 TALMER BANCORP QTR .23 30sep2015 TALMER BANCORP OTR 30jul2015 06:00:00 28oct2015 16:15:00 87482X10 15oct2015 EPS QTR 6 .25 .25 8 0000 87482X10 14jan2016 EPS QTR 6 .28 .28 31dec2015 TALMER BANCORP QTR 31mar2016 TALMER BANCORP QTR 9 0000 10 0001 11 0001 12 0001 87482X10 14apr2016 EPS QTR 5 .3 .3 30jun2016 TALMER BANCORP QTR 26878510 26878510 17apr2014 EPS QTR 18 .22 .21 30jun2014 EP ENERGY QTR 17jul2014 EPS QTR 18 .27 .27 30sep2014 EP ENERGY QTR 26jan2016 07:40:00 27apr2016 16:48:00 27jul2016 16:15:00 06aug2014 17:10:00 04nov2014 16:15:00 08aug2014 10:28:27 04nov2014 17:46:14 30jan2015 16:54:46 30apr2015 07:25:22 30jul2015 07:15:49 29oct2015 00:42:26 26jan2016 07:51:08 .27 14471 .0120482 218 11 date 09jul2014 .00447163 vwretd period -20 .26 14471 .0078853 219 11 07oct2014 -.01498755 .16 14471 -.0007299 220 5 31dec2014 .12 14471 .23 27 .4 27apr2016 18:29:50 .28 27jul2016 22:22:17 07aug2014 07:33:46 04nov2014 17:52:03 .28 .23 .24 26878510 16oct2014 EPS QTR 16 .25 .26 31dec2014 EP ENGR CORP QTR 13 0001 26878510 15jan2015 EPS QTR 16 .22 .22 31mar2015 EP ENGR CORP QTR 18feb2015 16:22:00 29apr2015 16:15:00 18feb2015 17:32:27 29apr2015 17:32:27 22 14471 14471 14471 14471 14471 -.0009945 14392 .0004921 14392 -.0020994 14392 -.0025381 -.0031075 .000576 .0018237 .0090198 221 3 01 apr 2015 222 7 01jul2015 223 9 -.00878188 -.00267877 .00546744 30sep2015 .01942838 -20 -20 224 0 225 6 226 4 218 219 220 .13 14392 -.0067064 221 2 14 0001 26878510 16apr2015 EPS QTR 23 .17 .16 30jun2015 EP ENGR CORP QTR 29jul2015 16:15:00 30jul2015 10:20:37 .17 15 0001 26878510 16jul2015 EPS QTR 24 .17 .17 30sep2015 EP ENGR CORP QTR 16 0001 26878510 14jan2016 EPS QTR 20 -.07 -.07 31mar2016 EP ENGR CORP QTR 28oct2015 16:15:00 04may2016 16:10:00 28oct2015 17:45:00 .26 05may2016 00:40:38 .19 17 000R 14163310 17apr2014 EPS QTR 3 -.29 -.29 30jun2014 CARECOM QTR 31jul2014 06:00:00 31jul2014 06:45:57 -.32 18 000R 14163310 17jul2014 EPS QTR 2 -.35 -.35 30sep2014 CARECOM QTR 29oct2014 20:05:00 29oct2014 20:14:45 -.46 14392 14392 0153846 14392 .0495238 14378 -.0029268 14378 -.0134804 0 222 223 11 225 218 219 19 000R 14163310 16oct2014 EPS QTR 3 -.08 -.07 31dec2014 CARECOM QTR 19mar2015 06:00:00 20 000R 14163310 19feb2015 EPS QTR 4 -.3 -.31 31mar2015 CARECOM QTR 21 000R 14163310 16apr2015 EPS QTR 5 -2 -2 30jun2015 CARECOM QTR 22 000R 14163310 16jul2015 EPS QTR 5 -18 -.17 30sep2015 CARECOM QTR 12may2015 06:00:00 04aug2015 06:05:00 29oct2015 16:01:00 19mar2015 06:39:56 12may2015 06:07:36 04aug2015 06:59:04 29oct2015 16:26:29 -.04 -.33 -.16 -.18 23 000R 14163310 15oct2015 EPS QTR 4 .09 .09 31dec2015 CARECOM QTR 23feb2016 16:01:00 23feb2016 16:29:05 .14 24 000R 14163310 18feb2016 EPS QTR 5 -.14 -.14 31mar2016 CARECOM QTR 28apr2016 06:00:00 28apr2016 07:25:07 .01 14378 .0054127 14378 -.0047393 14378 .0066778 14378 14378 14378 220 221 222 0 223 6 01oct2015 11 24dec2015 .00082954 30mar2016 .0044796 28jun2016 .0180321 7 09jul2014 .00447163 3 07oct2014 -.01498755 3 20jan2015 .00026581 31mar2015 -.00711827 6 30jun2015 .00297059 30sep2015 01942838 11 06apr2016 .01107701 3 02jul2014 -.00030825 1 01oct2014 -.01291453 10 19feb2015 -.00102097 2 14apr2015 .00187728 11 07jul2015 .00498376 .00194733 -20 -20 -20 .0092593 224 11 25jan2016 -.01667878 .0251256 225 11 31mar2016 -.00088 25 000R 14163310 14apr2016 EPS QTR 7 -.03 -.03 30jun2016 CARECOM QTR 26 000R 27 000V 28 000V 29 000V 30 000V 31 000V 32 OOOY 14163310 14jul2016 EPS QTR 6 -.03 -.04 30sep2016 CARECOM QTR 15117E10 15117E10 17apr2014 EPS QTR 2 -.47 -.47 30jun2014 CELLADON QTR 17jul2014 EPS QTR 2 -.41 -.41 30sep2014 CELLADON QTR 15117E10 28249U10 16oct2014 EPS QTR 3 -.38 -.38 31dec2014 CELLADON QTR 14apr2016 EPS QTR 2 -.99 -.99 30jun2016 EIGER QTR 28249U10 14jul2016 EPS QTR 4 -1.24 -1.21 30sep2016 EIGER QTR 27jul2016 06:00:00 01nov2016 06:00:00 07aug2014 06:31:00 12nov2014 06:00:00 31mar2015 08:22:00 10aug2016 17:22:00 08nov2016 08:00:00 27jul2016 06:13:09 -.03 01nov2016 06:23:35 .02 90400D10 17apr2014 EPS QTR 3 -.44 -44 30jun2014 ULTRAGENYX QTR 11aug2014 09:00:00 33 000Y 90400D10 17jul2014 EPS QTR 3 -45 -.46 30sep2014 ULTRAGENYX QTR 34 0001 90400D10 16oct2014 EPS QTR 5 -.5 -.51 31dec2014 ULTRAGENYX QTR 35 000Y 36 000Y 37 00 38 000Y 39 000Y 40.000V 90400D10 19mar2015 EPS QTR 3 -.56 -.58 31mar2015 ULTRAGENYX QTR 90400D10 90400D10 16apr2015 EPS QTR 8 -.54 -.55 30jun2015 ULTRAGENYX QTR 16jul2015 EPS QTR 7 -.65 -.71 30sep2015 ULTRAGENYX QTR 90400D10 15oct2015 EPS QTR 8 -.91 90400D10 18feb2016 EPS QTR 8 -1.18 -.89 31dec2015 ULTRAGENYX -1.19 31mar2016 ULTRAGENYX QTR QTR 90400D10 14apr2016 EPS QTR 14 -1.4 -1.39 30jun2016 ULTRAGENYX QTR 41 0001 90400D10 14jul2016 EPS QTR 16 -1.51 -1.5 30sep2016 ULTRAGENYX QTR 10nov2014 09:00:00 25mar2015 16:05:00 11may2015 16:05:00 13aug2015 16:05:00 09nov2015 16:05:00 25feb2016 16:05:00 09may2016 16:05:00 08aug2016 16:05:00 07nov2016 16:05:00 09aug2014 10:21:22 12nov2014 08:06:34 31mar2015 08:36:25 10aug2016 17:38:23 08nov2016 08:18:08 11aug2014 10:00:09 10nov2014 12:17:04 25mar2015 16:16:10 -38 -.4 -.5 -1.87 -1.49 14378 14378 .0055066 14423 .0072874 14423 .0008643 14423 -.004892 14423 -.0449898 14423 -.0213675 0 226 6 28jun2016 .0180321 227 11 04oct2016 218 219 220 8 226 1 227 1 -.00561681 11 10jul2014 -.00484822 15oct2014 -.00449564 2 03mar2015 -.00405039 13jul2016 -.00022071 11oct2016 -.01260631 ret .000727289 2.107 -20 -.012940353 2.072 -20 -.018867956 1.874 .000979454 -1.831 -20 .017910402 -1.592 .018971816 5.730 .008532401 -2.479 .002739684 -4.090 .012174943 -4.023 -20 .006915612 7.017 -20 -.058787894 13.04 -20 -.016198765 -31.59 -20 -.046405844 -20.07 -20 -.013178301 44.53 -20 .053169783 -6.16 -20 .035175845 -19.5 -20 .005551201 23.27 -20 -.023312833 -1.379 -20 -.017743964 9.510 -20 -20 .030050136 .632 -20 -.001945477 -5.34 -20 -.016129017 13.37 -20 -.033018872 6.317 -20 .013530093 -32.43 -20 -.007999992 8.80 -20 -.051214691 23.7 -20 .003840467 -13.42 -20 -.006342539 -17.03 -20 -.032934219 5.97 CAF 0 10.93 -20 -.45 14436 -.0002191 218 -.5 -.52 11may2015 17:11:30 -.63 13aug2015 16:17:46 09nov2015 17:37:46 25feb2016 18:02:02 09may2016 17:05:35 -.83 -1.03 -1.42 -1.35 08aug2016 17:09:13 -1.46 14436 -.0011161 14436 -.0003283 14436 -.0011351 14436 -.0025785 14436 -.0034662 14436 -.008427 14436 -.0024475 14436 -.0009444 219 4 220 221 4 222 07nov2016 17:26:53 -1.64 14436 -.0022038 223 224 225 226 227 3 16jul2015 3 12oct2015 3 42 0017 43 0017 44 0017 45 0018 46 0018 47 0018 05211J10 05211J10 05211J10 28226B10 17apr2014 EPS QTR 4 -.41 -.35 30jun2014 AUSPEX PHARMA QTR 07aug2014 16:03:00 07aug2014 18:03:42 -.45 14448 -.0021966 218 17jul2014 EPS QTR 4 -.44 -.4 30sep2014 AUSPEX PHARMA QTR 10nov2014 08:30:00 10nov2014 08:58:34 -.73 14448 -.0113149 219 16oct2014 EPS QTR 5 -.45 -.43 31dec2014 AUSPEX PHARMA QTR 16mar2015 16:01:00 16mar2015 16:31:49 -.74 14448 -.0041889 220 2 17apr2014 EPS QTR 3 -.28 -.33 30jun2014 EGALET QTR 12aug2014 06:00:00 12aug2014 06:15:24 -.73 14455 -.036 218 1 28226B10 17jul2014 EPS QTR 3 -.5 -.5 30sep2014 EGALET QTR 12nov2014 06:28:00 12nov2014 06:30:44 -.63 14455 -.0184397 219 28226B10 16oct2014 EPS QTR 4 -.79 -.79 31dec2014 EGALET QTR 16mar2015 06:00:00 16mar2015 06:55:37 -48 14455 .0221745 220 48 0018 28226B10 19feb2015 EPS QTR 2 -.68 -.68 31mar2015 EGALET QTR 07may2015 06:09:00 07may2015 06:13:02 -1.02 14455 -.0371179 221 1 49 0018 28226B10 16apr2015 EPS QTR 3 -.82 -.69 30jun2015 EGALET QTR 06aug2015 06:00:00 06aug2015 06:47:14 -.99 14455 -.0150177 222 1 5 14jul2014 .00455575 13oct2014 -.01550322 5 25feb2015 .00068982 13apr2015 -.00372323 .0069657 -.0002224 2 27jan2016 -.01054467 3 11apr2016 -.00182811 4 11jul2016 .00420033 10oct2016 .00559663 3 10jul2014 -.00484822 1 13oct2014 -.01550322 13feb2015 .00473289 15jul2014 .00329022 1 15oct2014 -.00449564 11 13feb2015 .00473289 09apr2015 .00335786 09jul2015 .00274504 -20 -20 -.008809699 -18.04 .029361969 24.62 -.0178129 3.144 -20 -.026556071 -7.711 -20 .043809559 -18 -20 .022924898 15.5 -20 .008816143 -48.21 -20 -20 -20 .00461897 11.73 .02047934 -17.80 -.053707421 15.51 -20 .040306024 -11.94 -20 .012230482 -1.747 -20 -.010538782 8.977 -20 -.008930514 -11.6 -20 -119994521 17.21 -20 -.051946186 11.90 -20 -20 -20 .05788422 -50.07 -.00086883 25.19 .035193201 1.33 Vars: 31 Order: Dataset Obs: 170.394 Length: 6 Filter: Off Variables Name Label ticker IBES Ticker Symbol ncusip statpers measure fiscalp CUSIP/SEDOL I/B/E/S Statistical Period (SAS Format) Measure Periodicity numest Number of Estimates medest Median Estimate meanest Mean Estimate fpe cname pdicity Periodicity ead Forecast Period End Date (SAS Format) Company Name Announce Date, SAS Format anntims Announce time, SAS Format actdats Activation Date, SAS Format acttims Activation time, SAS Format value Actual Value permno PERMNO Sur quarter SurQ11 date vwretd Value-Weighted Return-incl. dividends period ret Returns CAR CADO... Qv Droportion Data Editor (Browse) v1 v1[1] v2 1 (1) (2) v3 (3) v4 23 2 VARIABLES Fri Fri Fri 4 DO 0.0117*** 5 (0.00164) 67 6 D25 0.0128*** (0.00192) 8 D10 0.0152*** 9 (0.00255) 10 Constant 0.0548*** 0.0571*** 0.0588*** 11 (0.00329) (0.00336) (0.00343) 12 13 Observations 14 R-squared 170,394 170,394 170,394 0.001 0.001 0.000 Notes_Titles Robust standard errors in parentheses WAN *p <0.01, ** p <0.05, * p <0.1 6. Timing of announcements. Run the following three regressions: = Frick Bo+B11(Sure,k <0) + t,k, Frit,k=Bo+B11(Sure,k * Q6: Regression (strategic timing of announcements?) cd "/Users/*/uments/EmpMet" clear cap erase temp.txt use "/Users/*/Downloads/dataset-5.dta" duplicates drop ticker fpe, force //ssc install egenmore rename anndats ead xtile] SurQ1to100 = Sur, nquantiles (100) by (quarter) (Sur <0) g D0 g D25 (SurQ1to100 < 26) g D10 (SurQ1to100 < 11) g Fridow(ead)==5 //dow day of week reg Fri D0, cluster (ead) outreg2 using my reg06.txt reg Fri D25, cluster(ead) outreg2 using my regQ6.txt, append reg Fri D10, cluster (ead) outreg2 using my reg06.txt, append seeout // Data Editor (Browse) - dataset-5.dta Q Edit mode Save Find Sidebar ticker[1] 0000 ticker 1 0000 ncusip 87482X10 statpers measure fiscalp 17apr2014 EPS numest medest meanest fpe QTR 5 .11 12 pdicity 30jun2014 TALMER BANCORP QTR cname ead 2 0000 87482X10 17jul2014 EPS QTR 5 .15 .18 30sep2014 TALMER BANCORP 3 0000 87482X10 16oct2014 EPS QTR 5 .17 .17 4 0000 87482X10 15jan2015 EPS QTR 6 .17 .17 QTR 31dec2014 TALMER BANCORP QTR 31mar2015 TALMER BANCORP QTR anntims 06aug2014 17:05:00 04nov2014 16:15:00 30jan2015 16:30:00 actdats acttims value permno Sur quarter SurQ11 30apr2015 06:00:00 5 0000 6 0000 7 0000 87482X10 87482X10 16apr2015 EPS QTR 6 .22 .22 16jul2015 EPS QTR 5 .24 30jun2015 TALMER BANCORP QTR .23 30sep2015 TALMER BANCORP OTR 30jul2015 06:00:00 28oct2015 16:15:00 87482X10 15oct2015 EPS QTR 6 .25 .25 8 0000 87482X10 14jan2016 EPS QTR 6 .28 .28 31dec2015 TALMER BANCORP QTR 31mar2016 TALMER BANCORP QTR 9 0000 10 0001 11 0001 12 0001 87482X10 14apr2016 EPS QTR 5 .3 .3 30jun2016 TALMER BANCORP QTR 26878510 26878510 17apr2014 EPS QTR 18 .22 .21 30jun2014 EP ENERGY QTR 17jul2014 EPS QTR 18 .27 .27 30sep2014 EP ENERGY QTR 26jan2016 07:40:00 27apr2016 16:48:00 27jul2016 16:15:00 06aug2014 17:10:00 04nov2014 16:15:00 08aug2014 10:28:27 04nov2014 17:46:14 30jan2015 16:54:46 30apr2015 07:25:22 30jul2015 07:15:49 29oct2015 00:42:26 26jan2016 07:51:08 .27 14471 .0120482 218 11 date 09jul2014 .00447163 vwretd period -20 .26 14471 .0078853 219 11 07oct2014 -.01498755 .16 14471 -.0007299 220 5 31dec2014 .12 14471 .23 27 .4 27apr2016 18:29:50 .28 27jul2016 22:22:17 07aug2014 07:33:46 04nov2014 17:52:03 .28 .23 .24 26878510 16oct2014 EPS QTR 16 .25 .26 31dec2014 EP ENGR CORP QTR 13 0001 26878510 15jan2015 EPS QTR 16 .22 .22 31mar2015 EP ENGR CORP QTR 18feb2015 16:22:00 29apr2015 16:15:00 18feb2015 17:32:27 29apr2015 17:32:27 22 14471 14471 14471 14471 14471 -.0009945 14392 .0004921 14392 -.0020994 14392 -.0025381 -.0031075 .000576 .0018237 .0090198 221 3 01 apr 2015 222 7 01jul2015 223 9 -.00878188 -.00267877 .00546744 30sep2015 .01942838 -20 -20 224 0 225 6 226 4 218 219 220 .13 14392 -.0067064 221 2 14 0001 26878510 16apr2015 EPS QTR 23 .17 .16 30jun2015 EP ENGR CORP QTR 29jul2015 16:15:00 30jul2015 10:20:37 .17 15 0001 26878510 16jul2015 EPS QTR 24 .17 .17 30sep2015 EP ENGR CORP QTR 16 0001 26878510 14jan2016 EPS QTR 20 -.07 -.07 31mar2016 EP ENGR CORP QTR 28oct2015 16:15:00 04may2016 16:10:00 28oct2015 17:45:00 .26 05may2016 00:40:38 .19 17 000R 14163310 17apr2014 EPS QTR 3 -.29 -.29 30jun2014 CARECOM QTR 31jul2014 06:00:00 31jul2014 06:45:57 -.32 18 000R 14163310 17jul2014 EPS QTR 2 -.35 -.35 30sep2014 CARECOM QTR 29oct2014 20:05:00 29oct2014 20:14:45 -.46 14392 14392 0153846 14392 .0495238 14378 -.0029268 14378 -.0134804 0 222 223 11 225 218 219 19 000R 14163310 16oct2014 EPS QTR 3 -.08 -.07 31dec2014 CARECOM QTR 19mar2015 06:00:00 20 000R 14163310 19feb2015 EPS QTR 4 -.3 -.31 31mar2015 CARECOM QTR 21 000R 14163310 16apr2015 EPS QTR 5 -2 -2 30jun2015 CARECOM QTR 22 000R 14163310 16jul2015 EPS QTR 5 -18 -.17 30sep2015 CARECOM QTR 12may2015 06:00:00 04aug2015 06:05:00 29oct2015 16:01:00 19mar2015 06:39:56 12may2015 06:07:36 04aug2015 06:59:04 29oct2015 16:26:29 -.04 -.33 -.16 -.18 23 000R 14163310 15oct2015 EPS QTR 4 .09 .09 31dec2015 CARECOM QTR 23feb2016 16:01:00 23feb2016 16:29:05 .14 24 000R 14163310 18feb2016 EPS QTR 5 -.14 -.14 31mar2016 CARECOM QTR 28apr2016 06:00:00 28apr2016 07:25:07 .01 14378 .0054127 14378 -.0047393 14378 .0066778 14378 14378 14378 220 221 222 0 223 6 01oct2015 11 24dec2015 .00082954 30mar2016 .0044796 28jun2016 .0180321 7 09jul2014 .00447163 3 07oct2014 -.01498755 3 20jan2015 .00026581 31mar2015 -.00711827 6 30jun2015 .00297059 30sep2015 01942838 11 06apr2016 .01107701 3 02jul2014 -.00030825 1 01oct2014 -.01291453 10 19feb2015 -.00102097 2 14apr2015 .00187728 11 07jul2015 .00498376 .00194733 -20 -20 -20 .0092593 224 11 25jan2016 -.01667878 .0251256 225 11 31mar2016 -.00088 25 000R 14163310 14apr2016 EPS QTR 7 -.03 -.03 30jun2016 CARECOM QTR 26 000R 27 000V 28 000V 29 000V 30 000V 31 000V 32 OOOY 14163310 14jul2016 EPS QTR 6 -.03 -.04 30sep2016 CARECOM QTR 15117E10 15117E10 17apr2014 EPS QTR 2 -.47 -.47 30jun2014 CELLADON QTR 17jul2014 EPS QTR 2 -.41 -.41 30sep2014 CELLADON QTR 15117E10 28249U10 16oct2014 EPS QTR 3 -.38 -.38 31dec2014 CELLADON QTR 14apr2016 EPS QTR 2 -.99 -.99 30jun2016 EIGER QTR 28249U10 14jul2016 EPS QTR 4 -1.24 -1.21 30sep2016 EIGER QTR 27jul2016 06:00:00 01nov2016 06:00:00 07aug2014 06:31:00 12nov2014 06:00:00 31mar2015 08:22:00 10aug2016 17:22:00 08nov2016 08:00:00 27jul2016 06:13:09 -.03 01nov2016 06:23:35 .02 90400D10 17apr2014 EPS QTR 3 -.44 -44 30jun2014 ULTRAGENYX QTR 11aug2014 09:00:00 33 000Y 90400D10 17jul2014 EPS QTR 3 -45 -.46 30sep2014 ULTRAGENYX QTR 34 0001 90400D10 16oct2014 EPS QTR 5 -.5 -.51 31dec2014 ULTRAGENYX QTR 35 000Y 36 000Y 37 00 38 000Y 39 000Y 40.000V 90400D10 19mar2015 EPS QTR 3 -.56 -.58 31mar2015 ULTRAGENYX QTR 90400D10 90400D10 16apr2015 EPS QTR 8 -.54 -.55 30jun2015 ULTRAGENYX QTR 16jul2015 EPS QTR 7 -.65 -.71 30sep2015 ULTRAGENYX QTR 90400D10 15oct2015 EPS QTR 8 -.91 90400D10 18feb2016 EPS QTR 8 -1.18 -.89 31dec2015 ULTRAGENYX -1.19 31mar2016 ULTRAGENYX QTR QTR 90400D10 14apr2016 EPS QTR 14 -1.4 -1.39 30jun2016 ULTRAGENYX QTR 41 0001 90400D10 14jul2016 EPS QTR 16 -1.51 -1.5 30sep2016 ULTRAGENYX QTR 10nov2014 09:00:00 25mar2015 16:05:00 11may2015 16:05:00 13aug2015 16:05:00 09nov2015 16:05:00 25feb2016 16:05:00 09may2016 16:05:00 08aug2016 16:05:00 07nov2016 16:05:00 09aug2014 10:21:22 12nov2014 08:06:34 31mar2015 08:36:25 10aug2016 17:38:23 08nov2016 08:18:08 11aug2014 10:00:09 10nov2014 12:17:04 25mar2015 16:16:10 -38 -.4 -.5 -1.87 -1.49 14378 14378 .0055066 14423 .0072874 14423 .0008643 14423 -.004892 14423 -.0449898 14423 -.0213675 0 226 6 28jun2016 .0180321 227 11 04oct2016 218 219 220 8 226 1 227 1 -.00561681 11 10jul2014 -.00484822 15oct2014 -.00449564 2 03mar2015 -.00405039 13jul2016 -.00022071 11oct2016 -.01260631 ret .000727289 2.107 -20 -.012940353 2.072 -20 -.018867956 1.874 .000979454 -1.831 -20 .017910402 -1.592 .018971816 5.730 .008532401 -2.479 .002739684 -4.090 .012174943 -4.023 -20 .006915612 7.017 -20 -.058787894 13.04 -20 -.016198765 -31.59 -20 -.046405844 -20.07 -20 -.013178301 44.53 -20 .053169783 -6.16 -20 .035175845 -19.5 -20 .005551201 23.27 -20 -.023312833 -1.379 -20 -.017743964 9.510 -20 -20 .030050136 .632 -20 -.001945477 -5.34 -20 -.016129017 13.37 -20 -.033018872 6.317 -20 .013530093 -32.43 -20 -.007999992 8.80 -20 -.051214691 23.7 -20 .003840467 -13.42 -20 -.006342539 -17.03 -20 -.032934219 5.97 CAF 0 10.93 -20 -.45 14436 -.0002191 218 -.5 -.52 11may2015 17:11:30 -.63 13aug2015 16:17:46 09nov2015 17:37:46 25feb2016 18:02:02 09may2016 17:05:35 -.83 -1.03 -1.42 -1.35 08aug2016 17:09:13 -1.46 14436 -.0011161 14436 -.0003283 14436 -.0011351 14436 -.0025785 14436 -.0034662 14436 -.008427 14436 -.0024475 14436 -.0009444 219 4 220 221 4 222 07nov2016 17:26:53 -1.64 14436 -.0022038 223 224 225 226 227 3 16jul2015 3 12oct2015 3 42 0017 43 0017 44 0017 45 0018 46 0018 47 0018 05211J10 05211J10 05211J10 28226B10 17apr2014 EPS QTR 4 -.41 -.35 30jun2014 AUSPEX PHARMA QTR 07aug2014 16:03:00 07aug2014 18:03:42 -.45 14448 -.0021966 218 17jul2014 EPS QTR 4 -.44 -.4 30sep2014 AUSPEX PHARMA QTR 10nov2014 08:30:00 10nov2014 08:58:34 -.73 14448 -.0113149 219 16oct2014 EPS QTR 5 -.45 -.43 31dec2014 AUSPEX PHARMA QTR 16mar2015 16:01:00 16mar2015 16:31:49 -.74 14448 -.0041889 220 2 17apr2014 EPS QTR 3 -.28 -.33 30jun2014 EGALET QTR 12aug2014 06:00:00 12aug2014 06:15:24 -.73 14455 -.036 218 1 28226B10 17jul2014 EPS QTR 3 -.5 -.5 30sep2014 EGALET QTR 12nov2014 06:28:00 12nov2014 06:30:44 -.63 14455 -.0184397 219 28226B10 16oct2014 EPS QTR 4 -.79 -.79 31dec2014 EGALET QTR 16mar2015 06:00:00 16mar2015 06:55:37 -48 14455 .0221745 220 48 0018 28226B10 19feb2015 EPS QTR 2 -.68 -.68 31mar2015 EGALET QTR 07may2015 06:09:00 07may2015 06:13:02 -1.02 14455 -.0371179 221 1 49 0018 28226B10 16apr2015 EPS QTR 3 -.82 -.69 30jun2015 EGALET QTR 06aug2015 06:00:00 06aug2015 06:47:14 -.99 14455 -.0150177 222 1 5 14jul2014 .00455575 13oct2014 -.01550322 5 25feb2015 .00068982 13apr2015 -.00372323 .0069657 -.0002224 2 27jan2016 -.01054467 3 11apr2016 -.00182811 4 11jul2016 .00420033 10oct2016 .00559663 3 10jul2014 -.00484822 1 13oct2014 -.01550322 13feb2015 .00473289 15jul2014 .00329022 1 15oct2014 -.00449564 11 13feb2015 .00473289 09apr2015 .00335786 09jul2015 .00274504 -20 -20 -.008809699 -18.04 .029361969 24.62 -.0178129 3.144 -20 -.026556071 -7.711 -20 .043809559 -18 -20 .022924898 15.5 -20 .008816143 -48.21 -20 -20 -20 .00461897 11.73 .02047934 -17.80 -.053707421 15.51 -20 .040306024 -11.94 -20 .012230482 -1.747 -20 -.010538782 8.977 -20 -.008930514 -11.6 -20 -119994521 17.21 -20 -.051946186 11.90 -20 -20 -20 .05788422 -50.07 -.00086883 25.19 .035193201 1.33 Vars: 31 Order: Dataset Obs: 170.394 Length: 6 Filter: Off Variables Name Label ticker IBES Ticker Symbol ncusip statpers measure fiscalp CUSIP/SEDOL I/B/E/S Statistical Period (SAS Format) Measure Periodicity numest Number of Estimates medest Median Estimate meanest Mean Estimate fpe cname pdicity Periodicity ead Forecast Period End Date (SAS Format) Company Name Announce Date, SAS Format anntims Announce time, SAS Format actdats Activation Date, SAS Format acttims Activation time, SAS Format value Actual Value permno PERMNO Sur quarter SurQ11 date vwretd Value-Weighted Return-incl. dividends period ret Returns CAR CADO... Qv Droportion Data Editor (Browse) v1 v1[1] v2 1 (1) (2) v3 (3) v4 23 2 VARIABLES Fri Fri Fri 4 DO 0.0117*** 5 (0.00164) 67 6 D25 0.0128*** (0.00192) 8 D10 0.0152*** 9 (0.00255) 10 Constant 0.0548*** 0.0571*** 0.0588*** 11 (0.00329) (0.00336) (0.00343) 12 13 Observations 14 R-squared 170,394 170,394 170,394 0.001 0.001 0.000 Notes_Titles Robust standard errors in parentheses WAN *p <0.01, ** p <0.05, * p <0.1