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<p>Using mandated monthly revenue reports from the Taiwan Stock Exchange, we reveal positive revenue momentum using year-over-year revenue growth rates. The results of our analysis indicate that stock prices incorporate monthly revenue information independent of quarterly revenue announcements. Strong persistence in revenue growth considerably increases profits resulting from revenue momentum, particularly for stocks with high arbitrage costs. This persistence in revenue growth momentum is found to be robust in characteristics and subsample tests.</p>

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Market reaction to monthly revenue momentum

  • 期刊论文

  • 发表日期：

    2025年6月21日

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  • Weifeng Hung,
  • Chia-Chi Lu,
  • J. Jimmy Yang

摘要

Using mandated monthly revenue reports from the Taiwan Stock Exchange, we reveal positive revenue momentum using year-over-year revenue growth rates. The results of our analysis indicate that stock prices incorporate monthly revenue information independent of quarterly revenue announcements. Strong persistence in revenue growth considerably increases profits resulting from revenue momentum, particularly for stocks with high arbitrage costs. This persistence in revenue growth momentum is found to be robust in characteristics and subsample tests.