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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.

Readability and good writing style are important. No articles which have been published or are under review elsewhere will be considered. All submitted manuscripts are subject to initial appraisal by the Editor, and, if found suitable for further consideration, to peer review by independent, anonymous expert referees. All peer review is double blind and submission is via email. Accepted papers will then pass through originality checking software. The editors reserve the right to make the final decision with respect to publication.

The Journal is included in the Thomson Reuters Social Science Citation Index and is accredited by the South African Department of Higher Education and Training (DHET).

To read the latest issue, access the Journal archive, and see the Instructions for Authors, please visit the Journal’s homepage on Taylor & Francis Online.

Through our new partnership with Routledge, Taylor & Francis Group, the Investment Analysts Journal will be transitioning to an internationally recognised annual volume numbering system, as opposed to its previous continuous issue numbering. Earlier issues of Investment Analysts Journal have now retrospectively been grouped together by year (although citations remain unaffected), and 2015 commenced with Volume 44, Issue 1 (with Issue 2 and Issue 3 following later in the year). Similarly, 2016 will start with Volume 45 Issue 1.

Please note the new contact details for Authors:
All correspondence and articles to be sent to Registration and Submission of Articles

Instructions to Authors – click to review instructions to authors and note that these instructions must be adhered to for any submissions.

Announcement to members (click Link)