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Post-earnings-announcement Drift: Some Preliminary Evidence for the UK |
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| Authors: | Denis Hew Len Skerratt Norman Strong Martin Walker |
| Affiliation: | University of Manchester |
| 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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