After replicating the PEAD portfolio analysis, we disaggregate the PEAD portfolios and find anomalies within the PEAD anomaly. Dennis J. 52-week high: refers to the highest price traded during the past 1 year period. Post Earnings Announcement Drift: A Summary and Critical Discussion. 盈余惯性(Earning Momentum)盈余公告后价格漂移(Postearnings-announcement-drift，PEAD)或者称之为盈余惯性 (earning momentum)Ball and Brown(1968)的经典文献最早发现了盈余惯性现象(earnings momentum；也称之为盈余漂移(post-earnings announcements drift，PEAD)。 Using quarterly drift … Much has been written about the Post-Earnings Announcement Drift (PEAD) strategy (see, for example, my book), but less was written about pre-earnings announcement strategies. 52-week high: refers to the highest price traded during the past 1 year period. It is a simple but important technical indicator to investors since people tend to gauge whether to buy or sell based on this anchoring price. This is a simple post-earnings announcement drift (PEAD) trading strategy that attempts to profit off the difference between reported earnings and earnings estimates. However, recent research speculates that maybe it is known too much. We examine whether stock price reactions to earnings surprises and accruals vary systematically with the level of investor sentiment. PEAD steht für Post-Earnings-Ankündigung drift. Results of our analysis raise concerns over whether the PEAD exists at disaggregated levels, firms’ prices actually Post-earning Announcement Drift (PEAD): stock price of firms with positive (negative) earnings surprise in the recent quarter tend to drift upward (downward) in the subsequent quarters. “ POST-EARNINGS-ANNOUNCEMENT DRIFT Although I had been trading for some time, I always had the same struggle many traders have. It is a simple but important technical indicator to investors since people tend to gauge whether to buy or sell based on this anchoring price. Earnings Whispers was launched in 1998 and it wasn't long after that Bagnoli, Beneish, and Watts published their report in the Journal of Accounting and Economics titled "Whisper Forecasts of Quarterly Earnings per Share". Wenn Sie unsere nicht-englische Version besuchen und die englische Version von Post-Earnings-Ankündigung drift sehen möchten, scrollen Sie bitte nach unten und Sie werden die Bedeutung von Post-Earnings-Ankündigung drift in englischer Sprache sehen. That changed recently with the publication of two papers. The fact that earnings announcements occur within 35 to 45 days after each fiscal quarter end in the industry motivates us to focus our main analysis on the date of competitors' earnings announcements within the announced firm's 60-trading-day drift window. If earnings are bad, if there's a problem with the business, the stock usually goes down. post-earnings-announcement drift: nounan unexplained downward movement of shares in companies following announcements that quarterly earnings have exceeded expectations In this module you will learn a strategy based on Post earnings announcement drift and will be able to implement it. The post-earnings announcement drift (the tendency of stocks to drift in the direction of earnings announcement surprise during next quarter) is a well-known effect many times analyzed in academic literature.