A survey on post-earnings announcement drift (PEAD)

This paper summarizes and analyzes the empirical literature on PEAD which has been repeatedly documented. When viewed as a whole, the evidence summarized here presents a more serious challenge to be efficient markets hypothesis than could have been anticipated a few years ago. So the further research is that how to understand the duration of PEAD. The another potential research is that how the structure of information and the strategy of disclosure affect on PEAD.