Evidence that stock prices do not fully reflect the implications of current earnings for future earnings

Risk, Return, and Equilibrium: Empirical Tests

1973 • 14,580 citations

Post-Earnings-Announcement Drift: Delayed Price Response or Risk Premium?

1989 • 1,791 citations

POST-EARNINGS-ANNOUNCEMENT DRIFT - DELAYED PRICE RESPONSE OR RISK PREMIUM

1989 • 1,578 citations

Special Information and Insider Trading

1974 • 1,307 citations

Mean Reversion in Stock Prices

1996 • 1,111 citations

Analysts' forecasts as earnings expectations

1988 • 1,063 citations

Financial statement analysis and the prediction of stock returns

1989 • 1,032 citations

Earnings Innovations, Earnings Persistence, and Stock Returns

1987 • 977 citations

Cross-sectional variation in the stock market response to accounting earnings announcements

1989 • 869 citations

Timeliness of Reporting and the Stock Price Reaction to Earnings Announcements

1984 • 712 citations

EARNINGS RELEASES, ANOMALIES, AND THE BEHAVIOR OF SECURITY RETURNS

2001 • 585 citations

Risk aversion, uncertain information, and market efficiency

1988 • 531 citations

Cross-Sectional Dependence and Problems in Inference in Market-Based Accounting Research

1987 • 431 citations

An evaluation of alternative proxies for the market's assessment of unexpected earnings

1987 • 412 citations

Evidence on the Possible Underweighting of Earnings-Related Information

1991 • 368 citations

Accounting Measurement, Price-Earnings Ratio, and the Information Content of Security Prices

1989 • 311 citations

Trading patterns, bid-ask spreads, and estimated security returns

1989 • 309 citations

Empirical anomalies based on unexpected earnings and the importance of risk adjustments

1982 • 301 citations

Univariate Time-Series Models of Quarterly Accounting Earnings per Share: A Proposed Model

1979 • 275 citations

Security Returns Around Earnings Announcements

2016 • 260 citations

Systematic ‘abnormal’ returns after quarterly earnings announcements

1978 • 249 citations

A Test of the Extended Functional Fixation Hypothesis

2016 • 248 citations

The Multiperiod Information Content of Accounting Earnings: Confirmations and Contradictions of Previous Earnings Reports

1989 • 240 citations

The Time-Series Properties of Annual Earnings

1977 • 223 citations

Seasonalities in security returns

1988 • 197 citations

The Adjustment of Stock Prices to Announcements of Unanticipated Changes in Quarterly Earnings

1977 • 158 citations

Economic determinants of the relation between earnings changes and stock returns

1993 • 158 citations

FURTHER INSIGHT INTO THE STANDARDIZED UNEXPECTED EARNINGS ANOMALY: SIZE AND SERIAL CORRELATION EFFECTS

1987 • 96 citations

The relationship between time-series models and the security market's expectation of quarterly earnings

1984 • 79 citations

Discussion of Post-Earnings-Announcement Drift: Delayed Price Response or Risk Premium?

1989 • 11 citations

The Use of Market Data and Accounting Data in Hedging Against Consumer Price Inflation

1984 • 9 citations