Earnings Announcements and Market Efficiency in U.S. Airlines

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This study investigates U.S. Airlines from 2015–2024 using an event-study methodology to analyze earnings announcements and market effects under the Efficient Market Hypothesis. Findings reveal no significant abnormal returns, reduced sensitivity post-COVID, and the influence of earnings surprises on returns. Examples include pre- and post-COVID comparisons and cross-sectional themes, with Monte Carlo methods ensuring robustness. The study highlights market behavior insights, industry-...