The predictability of abnormal returns based on information contained in past earnings announcements is a statistically and economically significant anomaly. Neither is it illusory, nor is it an artifact of the experimental design. It may be a result of market inefficiency. Our results cannot...

The predictability of abnormal returns based on information contained in past earnings announcements is an anomaly that is statistically and economically significant. Neither is it illusory, nor is it an artifact of the experimental design. It may be a result of market inefficiency. Our results...