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| Tekijä: | Forner, C. Sanabria, S. |
| Otsikko: | Post-earnings announcement drift in Spain and behavioural finance models |
| Lehti: | European Accounting Review
2010 : VOL. 19:4, p. 775-815 |
| Asiasana: | behavioural science psychology finance models Spain |
| Kieli: | eng |
| Tiivistelmä: | It is examined whether behavioural theories can explain post-earnings announcement drift in the Spanish market. Especially models proposed by Barberis et al. (1998), Daniel et al. (1998) and Hong and Stein (1999) are tested. These models draw on two premises: cognitive biases and limits to arbitrage assumed to be varying with a given country's cultural and institutional features. The results provide little evidence in support of the hypothesis used to test whether these models can indeed explain the earnings momentum anomaly in the Spanish market etc. |
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