Global ETD Search
Search theses and dissertations gathered from participating repositories worldwide. Every result links back to the library that holds it. No account is needed.
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Showing 1 to 9 of 9 for “"Post Earnings Announcement Drift"”.
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Passive Institutional Ownership, Firm Disclosure, and Post-earnings Announcement Drift
… institutional ownership on market reactions to earnings announcements. The improved information environment, which is associated with increased passive ownership, can reduce transaction costs and mitigate delayed reactions. Besides, as firm disclosure can resolve uncertainty in future earnings, …
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Analysts' long-term growth forecasts and the post-earnings-announcement drift
… long-term growth (LTG) forecasts and the post-earnings-announcement drift (PEAD). Using a sample of firm-quarters from 1995 to 2013, I find that the magnitude of PEAD is significantly smaller for firms with LTG forecasts. The relationship holds after controlling for a wide range of …
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Intra-industry information transfers: Evidence from earnings announcements
… information assimilation surrounding corporate earnings announcements. I provide evidence that intra-industry information transfers measured by industry rival earnings announcements account for a substantial portion of the well documented post-earnings announcement drift. While this evidence …
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Bears and numbers : investigating whether short-sellers exploit accounting-based pricing anomalies
… examines whether short-sellers (bears) exploit post-earnings-announcement-drift (PEAD) and the accruals anomaly. I first find that short interest is higher during the period that follows a negative earnings surprise and, to a lesser extent, the announcement of earnings that contains an abnormal …
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Shorting opaque signals
… arbitrage strategies in stocks with more opaque earnings. There are also higher strategy returns in stocks with opaque earnings. Together, these results suggest that quantitative investors exploit their sophistication by trading when the firm's earnings make it more costly for other market …
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Three essays on mispricing and market efficiency
… efficient stock prices, as indicated by stronger post-earnings-announcement drift, greater deviations of stock prices from the random walk and greater return predictability from lagged order imbalances. We conjecture that reduced incentives for information acquisition and arbitrage induced by …
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Three essays in financial economics
… by firm's own momentum, industry momentum, post-earnings-announcement drift, being a conglomerate, or exposure to emerging market risk. Consistent with the investor inattention hypothesis, I further document that firms with less analysts, firms with lower institutional holdings, small and …
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Implications of Sticky Cost Behavior for Earnings Surprise and Market Reaction
… and cost stickiness can provide more accurate earnings forecasts, analysts and investors cannot fully capture sticky cost information. Since analysts are not fully aware of the correct cost behavior model, earnings surprises can be largely explained by a cost model that recognizes sticky …
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Two Essays on Competition, Corporate Investments, and Corporate Earnings
… such that the market reaction to subsequent earnings announcements is unrelated to those corporate actions. Korajczyk at al. (1991) argue that firms prefer to issue equity when the market is most informed about the quality of the firm to prevent adverse selection costs associated with new …