메뉴 건너뛰기




Volumn 8, Issue 2-3, 2003, Pages 321-345

Post-earnings announcement drift and market participants' information processing biases

Author keywords

Forecast dispersion; Market efficiency; Non Bayesian behavior; Overconfidence; Post earnings announcement drift; Uncertainty

Indexed keywords


EID: 3843115561     PISSN: 13806653     EISSN: None     Source Type: Journal    
DOI: 10.1023/a:1024477831740     Document Type: Conference Paper
Times cited : (95)

References (41)
  • 1
    • 84977733335 scopus 로고
    • Tests of analysts' overreaction/underreaction to earnings information as an explanation for anomalous stock price behavior
    • Abarbanell, J. and V. Bernard. (1992). "Tests of Analysts' Overreaction/Underreaction to Earnings Information as an Explanation for Anomalous Stock Price Behavior." Journal of Finance 47, 1181-1207.
    • (1992) Journal of Finance , vol.47 , pp. 1181-1207
    • Abarbanell, J.1    Bernard, V.2
  • 3
    • 21144481849 scopus 로고
    • The role of earnings levels in annual earnings-returns studies
    • Ali, A. and P. Zarowin. (1992). "The Role of Earnings Levels in Annual Earnings-Returns Studies." Journal of Accounting Research 30, 286-296.
    • (1992) Journal of Accounting Research , vol.30 , pp. 286-296
    • Ali, A.1    Zarowin, P.2
  • 4
    • 0033236336 scopus 로고    scopus 로고
    • The explanatory power of earnings levels vs. earnings changes in the context of executive compensation
    • Baber, W., S. Kang and K. Kumar. (1999). "The Explanatory Power of Earnings Levels vs. Earnings Changes in the Context of Executive Compensation." The Accounting Review 74, 459-472.
    • (1999) The Accounting Review , vol.74 , pp. 459-472
    • Baber, W.1    Kang, S.2    Kumar, K.3
  • 5
    • 0002742759 scopus 로고
    • An empirical evaluation of accounting income numbers
    • Ball, R. and P. Brown. (1968). "An Empirical Evaluation of Accounting Income Numbers." Journal of Accounting Research 6, 159-178.
    • (1968) Journal of Accounting Research , vol.6 , pp. 159-178
    • Ball, R.1    Brown, P.2
  • 6
    • 0030170359 scopus 로고    scopus 로고
    • How naïve is the stock market's use of earnings information?
    • Ball, R. and E. Bartov. (1996). "How Naïve is the Stock Market's Use of Earnings Information?" Journal of Accounting and Economics 21, 319-337.
    • (1996) Journal of Accounting and Economics , vol.21 , pp. 319-337
    • Ball, R.1    Bartov, E.2
  • 7
    • 0000801724 scopus 로고
    • Economic determinants of the relation between earnings changes and stock returns
    • Ball, R., S. P. Kothari and R. Watts. (1993). "Economic Determinants of the Relation Between Earnings Changes and Stock Returns." The Accounting Review 68, 622-639.
    • (1993) The Accounting Review , vol.68 , pp. 622-639
    • Ball, R.1    Kothari, S.P.2    Watts, R.3
  • 8
    • 21844513264 scopus 로고
    • Trading volume and belief revisions that differ among individual analysts
    • Barron, O. (1995). "Trading Volume and Belief Revisions that Differ Among Individual Analysts." The Accounting Review 70, 581-597.
    • (1995) The Accounting Review , vol.70 , pp. 581-597
    • Barron, O.1
  • 9
    • 0036807125 scopus 로고    scopus 로고
    • Changes in analysts' information around earnings announcements
    • Barron, O., D. Byard and O. Kim. (2002). "Changes in Analysts' Information around Earnings Announcements." The Accounting Review 77, 821-846.
    • (2002) The Accounting Review , vol.77 , pp. 821-846
    • Barron, O.1    Byard, D.2    Kim, O.3
  • 10
    • 0032343241 scopus 로고    scopus 로고
    • Using analysts' forecasts to measure properties of analysts' information environment
    • Barron, O., O. Kim, D. Lim and D. Stevens. (1998). "Using Analysts' Forecasts to Measure Properties of Analysts' Information Environment." The Accounting Review 73, 421-433.
    • (1998) The Accounting Review , vol.73 , pp. 421-433
    • Barron, O.1    Kim, O.2    Lim, D.3    Stevens, D.4
  • 11
    • 84990342435 scopus 로고    scopus 로고
    • Dispersion in analysts' earnings forecasts as a measure of uncertainty
    • Barron, O. and P. Stuerke. (1998). "Dispersion in Analysts' Earnings Forecasts as a Measure of Uncertainty." Journal of Accounting, Auditing and Finance 13, 243-268.
    • (1998) Journal of Accounting, Auditing and Finance , vol.13 , pp. 243-268
    • Barron, O.1    Stuerke, P.2
  • 12
    • 0001215707 scopus 로고
    • Patterns in unexpected earnings as an explanation for post-announcement drift
    • Bartov, E. (1992). "Patterns in Unexpected Earnings as an Explanation for Post-Announcement Drift." The Accounting Review 67, 610-622.
    • (1992) The Accounting Review , vol.67 , pp. 610-622
    • Bartov, E.1
  • 13
    • 0034380942 scopus 로고    scopus 로고
    • Investor sophistication and patterns in stock returns after earnings announcements
    • Bartov, E., S. Radhakrishnan and I. Krinsky. (2000). "Investor Sophistication and Patterns in Stock Returns after Earnings Announcements." The Accounting Review 75, 43-63.
    • (2000) The Accounting Review , vol.75 , pp. 43-63
    • Bartov, E.1    Radhakrishnan, S.2    Krinsky, I.3
  • 15
    • 0001819765 scopus 로고
    • Post-earnings-announcement drift: Delayed price response of risk premium?
    • Bernard, V. and J. Thomas. (1989). "Post-Earnings-Announcement Drift: Delayed Price Response of Risk Premium?" Journal of Accounting Research 27, 1-48.
    • (1989) Journal of Accounting Research , vol.27 , pp. 1-48
    • Bernard, V.1    Thomas, J.2
  • 16
    • 0000909526 scopus 로고
    • Evidence that stock prices do not fully reflect the implications of current earnings for future earnings
    • Bernard, V. and J. Thomas. (1990). "Evidence that Stock Prices Do Not Fully Reflect the Implications of Current Earnings for Future Earnings." Journal of Accounting and Economics 13, 305-341.
    • (1990) Journal of Accounting and Economics , vol.13 , pp. 305-341
    • Bernard, V.1    Thomas, J.2
  • 17
    • 43949158099 scopus 로고
    • An informational efficiency perspective on the post-earnings announcement drift
    • Bhushan, R. (1994). "An Informational Efficiency Perspective on the Post-Earnings Announcement Drift." Journal of Accounting and Economics 18, 45-65.
    • (1994) Journal of Accounting and Economics , vol.18 , pp. 45-65
    • Bhushan, R.1
  • 18
    • 0000101080 scopus 로고    scopus 로고
    • Under-reactions and over-reactions: The influence of information reliability and portfolio formation rules
    • Bloomfield, R., R. Libby and M. Nelson. (2000). "Under-Reactions and Over-Reactions: The Influence of Information Reliability and Portfolio Formation Rules." Journal of Financial Markets 3, 113-137.
    • (2000) Journal of Financial Markets , vol.3 , pp. 113-137
    • Bloomfield, R.1    Libby, R.2    Nelson, M.3
  • 20
    • 38249033644 scopus 로고
    • On cross-sectional analysis in accounting research
    • Christie, A. (1987). "On Cross-Sectional Analysis in Accounting Research." Journal of Accounting and Economics 9, 231-258.
    • (1987) Journal of Accounting and Economics , vol.9 , pp. 231-258
    • Christie, A.1
  • 21
    • 8744258405 scopus 로고    scopus 로고
    • Investor psychology and security market under- and overreactions
    • Daniel, K., D. Hirshleifer and A. Subrahmanyam. (1998). "Investor Psychology and Security Market Under- and Overreactions." Journal of Finance 53, 1839-1885.
    • (1998) Journal of Finance , vol.53 , pp. 1839-1885
    • Daniel, K.1    Hirshleifer, D.2    Subrahmanyam, A.3
  • 22
    • 0041669468 scopus 로고    scopus 로고
    • Differences of opinion and the cross-section of stock returns
    • Diether, K., C. Malloy and A. Scherbina. (2002). "Differences of Opinion and the Cross-Section of Stock Returns." Journal of Finance 57, 2113-2141.
    • (2002) Journal of Finance , vol.57 , pp. 2113-2141
    • Diether, K.1    Malloy, C.2    Scherbina, A.3
  • 25
    • 0001085867 scopus 로고
    • Earnings releases, anomalies, and the behavior of security returns
    • Foster, G., C. Olsen and T. Shevlin. (1984). "Earnings Releases, Anomalies, and the Behavior of Security Returns." The Accounting Review 59, 574-603
    • (1984) The Accounting Review , vol.59 , pp. 574-603
    • Foster, G.1    Olsen, C.2    Shevlin, T.3
  • 26
    • 0002950772 scopus 로고
    • The multiperiod information content of accounting earnings: Confirmations and contradictions of previous earnings reports
    • Freeman, R. and S. Tse. (1989). "The Multiperiod Information Content of Accounting Earnings: Confirmations and Contradictions of Previous Earnings Reports." Journal of Accounting Research 27, 49-79
    • (1989) Journal of Accounting Research , vol.27 , pp. 49-79
    • Freeman, R.1    Tse, S.2
  • 27
    • 0037288662 scopus 로고    scopus 로고
    • Analyst forecast revisions and market price formation
    • Gleason, C. and C. Lee. (2002). "Analyst Forecast Revisions and Market Price Formation." The Accounting Review 78, 193-226.
    • (2002) The Accounting Review , vol.78 , pp. 193-226
    • Gleason, C.1    Lee, C.2
  • 28
    • 44049114641 scopus 로고
    • The weighting of evidence and the determinants of confidence
    • Griffin, D. and A. Tversky. (1992). "The Weighting of Evidence and the Determinants of Confidence." Cognitive Psychology 24, 411-435.
    • (1992) Cognitive Psychology , vol.24 , pp. 411-435
    • Griffin, D.1    Tversky, A.2
  • 29
    • 0012166025 scopus 로고    scopus 로고
    • A unified theory of underreaction, momentum trading, and overreaction in asset markets
    • Hong, H. and J. Stein. (1999). "A Unified Theory of Underreaction, Momentum Trading, and Overreaction in Asset Markets." Journal of Finance 54, 2143-2184.
    • (1999) Journal of Finance , vol.54 , pp. 2143-2184
    • Hong, H.1    Stein, J.2
  • 30
    • 84993924970 scopus 로고
    • Quarterly earnings reports and intermediate stock price trends
    • Jones, C. and R. Litzenberger. (1970). "Quarterly Earnings Reports and Intermediate Stock Price Trends." Journal of Finance 24, 143-148.
    • (1970) Journal of Finance , vol.24 , pp. 143-148
    • Jones, C.1    Litzenberger, R.2
  • 31
    • 0030305317 scopus 로고    scopus 로고
    • Corporate disclosure policy and analyst behavior
    • Lang, M. and R. Lundholm. (1996). "Corporate Disclosure Policy and Analyst Behavior." The Accounting Review 71, 467-91.
    • (1996) The Accounting Review , vol.71 , pp. 467-491
    • Lang, M.1    Lundholm, R.2
  • 32
    • 0010734388 scopus 로고    scopus 로고
    • Price momentum and trading volume
    • Lee, C. and B. Swaminathan. (2000). "Price Momentum and Trading Volume." Journal of Finance 55, 2017-2070.
    • (2000) Journal of Finance , vol.55 , pp. 2017-2070
    • Lee, C.1    Swaminathan, B.2
  • 35
    • 33846365735 scopus 로고
    • Evidence of possible underweighting of earnings-related information
    • Mendenhall, R. (1991). "Evidence of Possible Underweighting of Earnings-Related Information." Journal of Accounting Research 29, 170-180.
    • (1991) Journal of Accounting Research , vol.29 , pp. 170-180
    • Mendenhall, R.1
  • 37
    • 0035602851 scopus 로고    scopus 로고
    • Investor and (value line) analyst underreaction to information about future earnings: The corrective role of non-earnings-surprise information
    • Shane, P. and P. Brous. (2001). "Investor and (Value Line) Analyst Underreaction to Information about Future Earnings: the Corrective Role of Non-Earnings-Surprise Information." Journal of Accounting Research 39, 387-404.
    • (2001) Journal of Accounting Research , vol.39 , pp. 387-404
    • Shane, P.1    Brous, P.2
  • 38
    • 0000098990 scopus 로고
    • Commentary of analysts' forecasts
    • Schipper, K. (1991). "Commentary of Analysts' Forecasts." Accounting Horizons 5, 105-121.
    • (1991) Accounting Horizons , vol.5 , pp. 105-121
    • Schipper, K.1
  • 39
    • 0030305172 scopus 로고    scopus 로고
    • Do stock prices fully reflect information in accruals and cash flows about future earnings?
    • Sloan, R. (1996). "Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?" The Accounting Review 71, 289-316.
    • (1996) The Accounting Review , vol.71 , pp. 289-316
    • Sloan, R.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.