IAS JOURNAL AWARD 2018
The following article was adjudicated as the best article for 2018 by the final judge
The persistence of firm-specific post-earnings announcement returns
by Dong Hyun Son, Dan Palmon and Ari Yezegel
from College of Business, Hankuk University of Foreign Studies, Seoul, Korea
Abstract: Using a US sample of around 206 000 quarter end earnings announcements between 1988 and 2015, this study finds that the past post earnings announcement drift exhibited by particular shares is able to predict the magnitude of their future post earnings announcement drift. The empirical analysis is well conducted with a number of possible confounding factors controlled for. The findings are clearly and succinctly presented.
Amongst a number of well-conducted studies, this paper was selected as the 2018 winner due to both its practical relevance and theoretical questions that it raises. Why is the information conveyed by prior delayed reactions to earnings surprises not incorporated in subsequent reactions? Do high post earnings announcement drift shares have certain features in common that investors should know about?”
The Investment Analysts Journal is the official journal of the Investment Analysts Society of South Africa and is published by Routledge (Taylor & Francis). The Investment Analysts Journal is an international, peer-reviewed journal, publishing high-quality, original research three times a year. The journal publishes significant new research in finance and investments and seeks to establish a balance between theoretical and empirical studies. Papers written in any areas of finance, investment, accounting and economics will be considered for publication. All contributions are welcome but are subject to an objective selection procedure to ensure that published articles answer the criteria of scientific objectivity, importance and replicability.
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