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Post-Earnings-Announcement Drift Among Newly Issued Public Companies in U.S. Capital Markets

dc.contributor.author Saifan, Sami
dc.date.accessioned 2013-04-30T12:18:12Z
dc.date.available 2013-04-30T12:18:12Z
dc.date.issued 2013-04-30
dc.identifier.uri https://hdl.handle.net/10161/6964
dc.description.abstract Post-earnings-announcement drift is the tendency for a stock’s cumulative abnormal returns to drift in the direction of an earnings surprise for several weeks following an earnings announcement. I show that the drift is significantly more pronounced when investigating the unexpected earnings of initial public offerings in comparison to the aggregate U.S. stock market. My results suggest that this disparity is attributable to firm-specific characteristics inherent in initial public offerings and the extraordinary growth numerous young firms experience. Further, I postulate that drift patterns following earnings announcements for IPO firms differ from those observed in prior PEAD research.
dc.language.iso en_US
dc.subject Market Inefficiency
dc.subject IPOs
dc.subject Event Study
dc.subject Earnings
dc.subject Momentum
dc.title Post-Earnings-Announcement Drift Among Newly Issued Public Companies in U.S. Capital Markets
dc.type Honors thesis
dc.department Economics


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