{"product_id":"post-earnings-announcement-drift-von-tomas-tomcany","title":"Post-Earnings Announcement Drift","description":"\u003cp\u003eIt is a well documented finding in finance theory  that share prices drift in the direction of firms''  unexpected earnings changes, a phenomenom known as  post-earnings announcement drift, or earnings  momentum. In this book, I study the stock prices''  reaction to firms'' quarterly earnings announcements.  The book shows that the timeframe in which the drift  occurs is related to the size of a firm and is  limited in time after the earnings announcement. I  further analyze the effect of the number of analysts  covering a firm on the magnitude and persistance of  post-earnings announcement drift. I document that  recent analyst coverage predicts large drifts after  the earnings announcements. I suggest several  possible explanations, but the evidence seems most  consistent with recent analyst coverage providing  information about investor (or analyst) expectations  regarding firm''s future earnings. This book should  be useful to professionals in Financial Economics,  especially to those interested in Behavioral Finance  in stock markets, but also to equity analysts,  traders or investors interested in the stocks''  response to earnings news.\u003c\/p\u003e\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783843367813\"\u003e\u003ch3\u003eAnalyst Coverage and the Profitability of Earnings Momentum Strategies\u003c\/h3\u003e\u003c\/div\u003e","brand":"Autorenwelt Shop","offers":[{"title":"Softcover - 9783843367813","offer_id":54103095116101,"sku":"9783843367813","price":49.0,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/1f298cb7-ce26-4142-930f-30c1a416137d.jpg?v=1763103795","url":"https:\/\/shop.autorenwelt.de\/en\/products\/post-earnings-announcement-drift-von-tomas-tomcany","provider":"Autorenwelt Shop","version":"1.0","type":"link"}