The purpose of this study is identifying the factors affecting post-earnings announcement drifts. Whether post-earnings-announcement drifts attributable, at least in part, to behavior distinct sets of investors (small and large traders) who use seasonal random-walk-based (RW) and analyst- forecast- based (AF) earnings surprises were examined. The study sample includes observations for 90 firms listed in Tehran Stock Exchange for the period 1385 to 1390 (Iranian Calendar). The results reveal that small traders systematically trade in the direction of RW earnings surprises after earnings announcements, whereas large traders’ trading during post-earnings-announcement period is in the direction of AF earnings surprises.
Rezazadeh, J., & Akbarshahi, A. (2013). Identifying the Factors Affecting Post-Earnings-Announcement Drift. Applied Research in Financial Reporting, 2(1), 7-23.
MLA
Javad Rezazadeh; Ahmad Akbarshahi. "Identifying the Factors Affecting Post-Earnings-Announcement Drift". Applied Research in Financial Reporting, 2, 1, 2013, 7-23.
HARVARD
Rezazadeh, J., Akbarshahi, A. (2013). 'Identifying the Factors Affecting Post-Earnings-Announcement Drift', Applied Research in Financial Reporting, 2(1), pp. 7-23.
VANCOUVER
Rezazadeh, J., Akbarshahi, A. Identifying the Factors Affecting Post-Earnings-Announcement Drift. Applied Research in Financial Reporting, 2013; 2(1): 7-23.
