Angelini, Paolo; Guazzarotti, Giovanni - Banca d'Italia - 2010
uncertain display a relatively large delayed price reaction (so-called continuation) after the release of news, but we argue … news is also relatively strong. In fact, the magnitude of the delayed price reaction (the price continuation) depends both … focuses on price continuation patterns but neglects to control for the �scale� of the news, reaching erroneous conclusions. …