Peripapillary choroidal thickness was significantly reduced in NTG eyes based on EDI OCT measurements in vivo.

This paper examines the association between (1) cumulative abnormal stock returns around earnings announcements and (2) geographic sales and geographic earnings data from quarterly segment disclosures by U.S. multinational companies under SFAS No. 131. Only those firms that define their operating segments by geographic area or by a combination of products and services and geographic area are required to disclose this information. The sum of the quarterly earnings (sales) from the foreign geographic segments yields our measure of quarterly foreign earnings (sales). We show that change in quarterly foreign earnings is positively associated with the stock market reaction. Further, the stock market reaction to change in quarterly foreign earnings is different from the stock market reaction to change in quarterly domestic earnings. Quarterly changes in foreign and domestic sales have little additional information content in the presence of quarterly changes in foreign and domestic earnings.

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The meeting of earnings benchmarks is considered important for investors. The chief financial officers of U.S. companies state that the three most important earnings thresholds to meet are the earnings in the same quarter last year, the analysts' earnings forecast for the current quarter, and zero earnings. These earnings benchmarks have been defined in terms of total earnings. For U.S. multinational firms, total earnings consist primarily of domestic earnings and foreign earnings. We conduct an event study where we examine (1) the stock market reaction to meeting or beating quarterly domestic and foreign earnings benchmarks and (2) the market reaction to the changes in quarterly domestic and foreign earnings, while we control for meeting or beating the analysts' earnings forecast and the analysts' earnings forecast surprise. We find that the quarterly financial statement disclosure of domestic and foreign earnings under Statement of Financial Accounting Standards No. 131 supplies investors with valuable information that was not previously disseminated through financial analysts or other sources. The stock market reaction to meeting or beating foreign earnings from the same quarter in the prior year is stronger than the market reaction to meeting or beating domestic earnings from the same quarter in the prior year.

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