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- W4306403191 abstract "Abstract We construct a new numerical measure of earnings announcement surprises, standardized unexpected earnings call text (SUE.txt), that does not explicitly incorporate the reported earnings value. SUE.txt generates a text-based post-earnings-announcement drift (PEAD.txt) larger than the classic PEAD. The magnitude of PEAD.txt is considerable even in recent years when the classic PEAD is close to 0. We explore our text-based empirical model to show that the calls’ news content is about details behind the earnings number and the fundamentals of the firm." @default.
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- W4306403191 date "2022-10-17" @default.
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- W4306403191 title "PEAD.txt: Post-Earnings-Announcement Drift Using Text" @default.
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- W4306403191 doi "https://doi.org/10.1017/s0022109022001181" @default.
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