Article1996

Post-earnings-announcement Drift: Some Preliminary Evidence for the UK

Denis Hew · Len Skerratt · Norman Charles Strong · Martin Walker

65 citations0/0 files storedAccounting and Business Research

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Financial Markets and Investment Strategies Auditing, Earnings Management, Governance Financial Analysis and Corporate Governance

Abstract

This paper tests for the presence of post-earnings-announcement drift on the London Stock Exchange using data for seven half-years for a constant sample of 206 quoted companies. Separate results are presented for interim and final earnings announcements and the results are disaggregated by firm size. Overall, we find evidence of significant drift for the earnings announcements of small firms but not for the announcements of large firms.

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1968An Empirical Evaluation of Accounting Income Numbers 1989Post-Earnings-Announcement Drift: Delayed Price Response or Risk Premium?1990Evidence that stock prices do not fully reflect the implications of current earnings for future earnings 1982Financial Reporting: An Accounting Revolution.1978Anomalies in relationships between securities' yields and yield-surrogates 1994An informational efficiency perspective on the post-earnings announcement drift 1986The Relative Information Content of Accruals and Cash Flows: Combined Evidence at the Earnings Announcement and Annual Report Release Date 1982Market-Based Empirical Research in Accounting: A Review, Interpretation, and Extension

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