An International Meeting of
the American Accounting Association

American Accounting Association
2006 Annual Meeting

August 6–9, 2006
Washington, D.C.

Greek evidence on post-earnings announcement drift: Old empirical tests in a new theoretical bottle.

Wiliam Patrick Forbes
Loughbough Business School England

Len Charles Skerratt
Brunel Business School

George Yiannopoulos
Brunel Business School

Abstract: A large literature already attests to the failure of both analysts and investors to interpret earnings adequately. This underlies well known market anomalies, especially post{earnings{announcement{drift. While a number of theoretical models have examined information °ows underlying anomalous behaviour this theoretical discussion has played little role in extant empirical work. We distinguish between the type of information received by investors into a study of post{earnings{announcement{drift. In addition, this investigation is conducted in a market setting different from the mature markets of the UK or the US in order to assess the variation in PEAD across different types of markets. Our evidence comes from a market known for the opacity of its financial reporting and in the late 1990's enjoying a period of some somewhat frenzied activity, when rumors and resulting contagion seemed rampant.

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American Accounting Association2006 Annual Meeting

August 6–9, 2006 Washington, D.C.

Greek evidence on post-earnings announcement drift: Old empirical tests in a new theoretical bottle.

American Accounting Association
2006 Annual Meeting

August 6–9, 2006
Washington, D.C.