Investor Trading and the Post Earnings Announcement Drift

By Benjamin C. Ayers, Oliver Zhen Li, P. E. Yeung. 2011

122 citations recorded by the source corpus.

Subfields: Accounting, Finance

View Paper: https://www.semanticscholar.org/paper/c598e3f0d167fc9a828ba3a1218ad37bdae7ef08

Citations in the corpus

• Why Do Individual Investors Disregard Accounting Information? The Roles of Information Awareness and Acquisition Costs (2018, unknown): “Introduction Prior literature finds that individual investors often fail to incorporate value-relevant accounting information into trading decisions (e.g., Lee 1992; Hirshleifer et al. 2008; Maines & Hand 1996; Ayers et al. 2011) and instead tend to underperform by trading on attention-grabbing tren”
• Spreading the Word: Price Discovery and Newswire Dissemination of Management Earnings Guidance (2016, unknown): “Consistent with this possibility, in untabulated analysis I find that 60% of the non-covered guidance firms in my sample had at least one analyst forecast revision during days +2 to +5, compared to 33% during the same four day window in the prior month (Ayers et al. 2011).”