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Define post earnings announcement drift in stock prices. Describe how various cognitive biases and disposition behaviour on the part of investors might be causing this

Define post earnings announcement drift in stock prices. Describe how various cognitive biases and disposition behaviour on the part of investors might be causing this phenomenon. Discuss the empirical checks we have discussed that aim to determine which of the various hypotheses regarding what may be behind post earnings announcement drift might have greater support from the data. Finally, discuss how momentum profits may arise if post earnings announcement drift happens regularly in stock markets

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