Examining the Informational Role of Analysts’ Forecasts and its Impact on the Relation between Earnings Surprises and Investors’ Responses
Prior research documents the existence of two distinct post-earnings-announcement-drifts. Interestingly, investors seem to underreact more toward analyst-based earnings surprises than toward seasonal random walk earnings surprises. In this paper, we measure the extent of investors’ delayed reaction...
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| 語言: | English |
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Institutional Knowledge at Singapore Management University
2013
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| 在線閱讀: | https://ink.library.smu.edu.sg/soa_research/1111 https://ink.library.smu.edu.sg/context/soa_research/article/2110/viewcontent/1._Joonho_Lee_1_.pdf |
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