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Anyway, the important factor to take on board this week is the real story - the firings have had a decidedly negative effect on the share price.
It is more straightforward in Britain, which considers whether there would have been a significant effect on the share price in determining what is material.
Time Warner stock has languished for years as it cleared the wreckage from its ill-fated merger with AOL, and Wednesday's news – which generally matched what analysts had anticipated – had little effect on the share price.
Surely in an efficient market investors would look past the accounts to the underlying economic reality, argues Mr Grundfest, so that the effect on the share price would be negligible.
Even a modest earnings miss could have a big effect on the share price, since more of Apple's shareholders today are fickle traders.If there was a fall, it would ripple.
Investors had pinned their hopes on discovering the new Asos, following a decade of meteoric growth for Nick Robertson's fashion firm, but three profit warnings caused a domino effect on the share prices of Boohoo, MySale and Koov.
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Complementary evidence on this issue can be obtained by focusing on the productivity effect of the share of foreigners in the conventional Hellerstein-Neumark approach.
The effect of the share of immigrants on unemployment is significant only for men.
While he acknowledged that the outcome of the investigation is unknown, Mr. Milunovich said its harsh effect on the shares had made them a better value.
Divestments were expected, on average, to decrease share prices, but the study found that, in fact, political pressure turned out to have no discernible effect on the shares' public market valuations.
But the company's balance sheet would then be riskier, which should affect the multiple that shareholders are willing to assign to those earnings.So why (apart from tax) would there be any positive effect on the shares?
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com