more quarters announce profit for the first time. By analyzing the data of 49 such turnaround companies, between 2004 and …. Profit reported by such companies acts as ‘earning surprise'. Short-run PEAD is observed contrary to efficient capital market …

announces profit for the first time. Between 2004 and 2009 by analyzing the data of 49 such turnaround companies, we document …- accounting profit by turnaround companies acts as ‘earning surprise' reflecting inability of analysts to predict quarterly result …