Does Post-Earnings-Announcement Drift in Stock Prices Reflect A Market Inefficiency? A Stochastic Dominance Approach
dc.contributor.author | Bernard, Victor L. (Victor Lewis) | en_US |
dc.contributor.author | Seyhun, H. Nejat (Hasan Nejat) | en_US |
dc.date.accessioned | 2006-09-11T19:32:13Z | |
dc.date.available | 2006-09-11T19:32:13Z | |
dc.date.issued | 1997-07 | en_US |
dc.identifier.citation | Bernard, VICTOR; Seyhun, H. NEJAT; (1997). "Does Post-Earnings-Announcement Drift in Stock Prices Reflect A Market Inefficiency? A Stochastic Dominance Approach." Review of Quantitative Finance and Accounting 9(1): 17-34. <http://hdl.handle.net/2027.42/47906> | en_US |
dc.identifier.issn | 0924-865X | en_US |
dc.identifier.issn | 1573-7179 | en_US |
dc.identifier.uri | https://hdl.handle.net/2027.42/47906 | |
dc.description.abstract | This paper uses a stochastic dominance approach to test for market efficiency following earnings announcements. We find that the stocks that recently announced good earnings news stochastically dominate those that recently announced bad news. The results cast serious doubt on any belief that asset pricing model misspecifications might explain post-earnings-announcement drift. | en_US |
dc.format.extent | 138059 bytes | |
dc.format.extent | 3115 bytes | |
dc.format.mimetype | application/pdf | |
dc.format.mimetype | text/plain | |
dc.language.iso | en_US | |
dc.publisher | Kluwer Academic Publishers; Springer Science+Business Media | en_US |
dc.subject.other | Economics / Management Science | en_US |
dc.subject.other | Econometrics | en_US |
dc.subject.other | Accounting/Auditing | en_US |
dc.subject.other | Finance /Banking | en_US |
dc.subject.other | Operation Research/Decision Theory | en_US |
dc.subject.other | Market Efficiency | en_US |
dc.subject.other | Earnings Drift | en_US |
dc.subject.other | Stochastic Dominance | en_US |
dc.title | Does Post-Earnings-Announcement Drift in Stock Prices Reflect A Market Inefficiency? A Stochastic Dominance Approach | en_US |
dc.type | Article | en_US |
dc.subject.hlbsecondlevel | Economics | en_US |
dc.subject.hlbtoplevel | Business | en_US |
dc.description.peerreviewed | Peer Reviewed | en_US |
dc.contributor.affiliationum | University of Michigan, USA | en_US |
dc.contributor.affiliationum | University of Michigan, USA | en_US |
dc.contributor.affiliationumcampus | Ann Arbor | en_US |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/47906/1/11156_2004_Article_138975.pdf | en_US |
dc.identifier.doi | http://dx.doi.org/10.1023/A:1008245709673 | en_US |
dc.identifier.source | Review of Quantitative Finance and Accounting | en_US |
dc.owningcollname | Interdisciplinary and Peer-Reviewed |
Files in this item
Remediation of Harmful Language
The University of Michigan Library aims to describe library materials in a way that respects the people and communities who create, use, and are represented in our collections. Report harmful or offensive language in catalog records, finding aids, or elsewhere in our collections anonymously through our metadata feedback form. More information at Remediation of Harmful Language.
Accessibility
If you are unable to use this file in its current format, please select the Contact Us link and we can modify it to make it more accessible to you.