... to incorrect beliefs even when presented with an infinite amount of new information. qualitative disclosure disclosure management market efficiency, limited attention behavioral finance investor psychology post-earnings announcement drift Earnings press releases are a major channel...

... behavioral finance The tone of the qualitative text in earnings press releases can be too optimistic or pessimistic relative to concurrent disclosures of quantitative performance. We call the choice of the tone level in qualitative text that is incommensurate with the concurrent quantitative...

... an information event as a reliable yardstick to quantify the effect of that event on shareholder value. This view precludes any significant role of investors' behavioral biases in shaping their response to accounting information. Developments in the field of behavioral finance, however, are increasingly spurring...

... based upon clearly identified data errors. January 2010 January 2011 2011 truncation bias data trimming anomalies market efficiency behavioral finance accruals net operating assets cash flows from...