Market Efficiency and the Post-Earnings Announcement Drift


  • Accepted by Shivaram Rajgopal. We would like to thank Shivaram Rajgopal, two anonymous referees, Peter Klein, Evan Gatev, George Blazenko, Fayez Ealyan, and workshop participants at Simon Fraser University, the 2009 Global Finance Association conference, and the 2009 Canadian Academic Accounting Association conference for helpful comments. Dennis Chung thanks the Social Sciences and Humanities Research Council of Canada and the CA Education Foundation of the Institute of Chartered Accountants of British Columbia for their financial support.