Post-Earnings Announcement Drift and Market Participants' Information Processing Biases

By Lihong Liang. 2003

154 citations recorded by the source corpus.

Subfields: Accounting, Finance

View Paper: https://www.semanticscholar.org/paper/33b0382af05b143db577760427d0f2a869cda2d4

Citations in the corpus

• Investor Trading and the Post Earnings Announcement Drift (2011, unknown): “(Liang 2003), suggesting that investors have difficulty interpreting AF earnings surprises when analysts’”
• The Predictive Value of Expenses Excluded from Pro Forma Earnings (2002, unknown): “Other papers have documented price drift relative to analyst forecast errors (Mendenhall, 1991; Abarbanell and Bernard, 1992; Shane and Brous, 2001; Liang, 2003) but these studies only examine drift for a year or less subsequent to the surprise quarter.”