دانلود مقاله ISI انگلیسی شماره 101369
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
101369 2017 28 صفحه PDF سفارش دهید 7833 کلمه
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عنوان انگلیسی
Post-earnings-announcement-drift and 52-week high: Evidence from Korea
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Pacific-Basin Finance Journal, Volume 44, September 2017, Pages 150-159

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چکیده انگلیسی

Post-earnings-announcement drift (PEAD) is frequently discovered in numerous countries including Korea. We attempt to explain PEAD in the Korean market using anchoring bias. Investors interpret impact of earnings news based on a stock's nearness to 52-week high, and hence underreact to positive earnings news if the stock price is near its peak. We find that among positive earnings stocks, PEAD is pronounced when they are near 52-week highs. Furthermore, excessive optimism in analyst forecasts is larger among stocks far from 52-week highs. Lastly, individual investors' buying pressure around earnings announcement is concentrated on stocks far from 52-week highs.

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