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Does Post-Earnings-Announcement Drift in Stock Prices Reflect A Market Inefficiency? A Stochastic Dominance Approach
dc.contributor.authorBernard, Victor L. (Victor Lewis)en_US
dc.contributor.authorSeyhun, H. Nejat (Hasan Nejat)en_US
dc.date.accessioned2006-09-11T19:32:13Z
dc.date.available2006-09-11T19:32:13Z
dc.date.issued1997-07en_US
dc.identifier.citationBernard, 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.issn0924-865Xen_US
dc.identifier.issn1573-7179en_US
dc.identifier.urihttps://hdl.handle.net/2027.42/47906
dc.description.abstractThis 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.extent138059 bytes
dc.format.extent3115 bytes
dc.format.mimetypeapplication/pdf
dc.format.mimetypetext/plain
dc.language.isoen_US
dc.publisherKluwer Academic Publishers; Springer Science+Business Mediaen_US
dc.subject.otherEconomics / Management Scienceen_US
dc.subject.otherEconometricsen_US
dc.subject.otherAccounting/Auditingen_US
dc.subject.otherFinance /Bankingen_US
dc.subject.otherOperation Research/Decision Theoryen_US
dc.subject.otherMarket Efficiencyen_US
dc.subject.otherEarnings Driften_US
dc.subject.otherStochastic Dominanceen_US
dc.titleDoes Post-Earnings-Announcement Drift in Stock Prices Reflect A Market Inefficiency? A Stochastic Dominance Approachen_US
dc.typeArticleen_US
dc.subject.hlbsecondlevelEconomicsen_US
dc.subject.hlbtoplevelBusinessen_US
dc.description.peerreviewedPeer Revieweden_US
dc.contributor.affiliationumUniversity of Michigan, USAen_US
dc.contributor.affiliationumUniversity of Michigan, USAen_US
dc.contributor.affiliationumcampusAnn Arboren_US
dc.description.bitstreamurlhttp://deepblue.lib.umich.edu/bitstream/2027.42/47906/1/11156_2004_Article_138975.pdfen_US
dc.identifier.doihttp://dx.doi.org/10.1023/A:1008245709673en_US
dc.identifier.sourceReview of Quantitative Finance and Accountingen_US
dc.owningcollnameInterdisciplinary and Peer-Reviewed


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