Bird, Ron; Choi, Daniel; Yeung, Danny - In: Review of Quantitative Finance and Accounting 43 (2014) 1, pp. 45-73
Post-earnings announcement drift (PEAD) which was first identified over 40 years ago seems to be as much alive today as it ever was. Numerous attempts have been made to explain its continued existence. In this paper we provide evidence to support a new explanation: that the PEAD is a reflection...