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• W136185588 abstract "We hypothesize that post-earnings-announcement drift (PEAD) is caused by underreaction of long-term investors since they do not pay much attention to short-term events. Consistent with the hypothesis, empirical observations show that stocks mostly held by long-term investors exhibit strong PEAD. It is striking because these stocks have low transaction costs and are highly recognizable." @default.
• W136185588 created "2016-06-24" @default.
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• W136185588 date "2015-01-01" @default.
• W136185588 modified "2023-09-27" @default.
• W136185588 title "Investment Horizon of Shareholders and Post-Earnings-Announcement Drift" @default.
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• W136185588 doi "https://doi.org/10.2139/ssrn.2545189" @default.
• W136185588 hasPublicationYear "2015" @default.
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