Post-Earnings Announcement Drift
Tomas Tomcany
Broschiertes Buch

Post-Earnings Announcement Drift

Analyst Coverage and the Profitability of Earnings Momentum Strategies

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It is a well documented finding in finance theory that share prices drift in the direction of firms' unexpected earnings changes, a phenomenom known as post-earnings announcement drift, or earnings momentum. In this book, I study the stock prices' reaction to firms' quarterly earnings announcements. The book shows that the timeframe in which the drift occurs is related to the size of a firm and is limited in time after the earnings announcement. I further analyze the effect of the number of analysts covering a firm on the magnitude and persistance of post-earnings announcement drift. I documen...