Streaks in Earnings Surprises and the Cross-Section of Stock Returns
The gambler's fallacy (Rabin, 2002) predicts that trends bias investor expectations. Consistent with this prediction, we find that investors underreact to streaks of consecutive earnings surprises with the same sign. When the most recent earnings surprise extends a streak, post-earnings announc...
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| Main Authors: | , |
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2012
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| Online Access: | https://ink.library.smu.edu.sg/lkcsb_research/3204 https://ink.library.smu.edu.sg/context/lkcsb_research/article/4203/viewcontent/Loh2012mnscStreaksEarningsSurprises_pub.pdf |
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| Institution: | Singapore Management University |
| Language: | English |