RT Journal Article SR Electronic T1 The Market Response to Low-Balling Earnings Expectations JF The Journal of Investing FD Institutional Investor Journals SP 57 OP 64 DO 10.3905/joi.1999.319392 VO 8 IS 1 A1 John C. Alexander, Jr A1 James S. Ang YR 1999 UL https://pm-research.com/content/8/1/57.abstract AB After controlling for the content of earnings information over the quarter, security returns measured over the entire quarter are affected by the path of earnings expectations during the quarter. This research uncovers cases consistent with low-balling, in which negative information elicits a positive market response. There are also observed cases consistent with high-balling, in which positive information elicits a negative or zero market response.