Consistent Earnings Surprise Hwang Liu Lou
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“Consistent” Earnings Surprises* Byoung-Hyoun Hwang Cornell University and Korea University [email protected] Baixiao Liu Florida State University [email protected] Dong Lou London School of Economics and CEPR [email protected] This Draft: May 2014 * We thank the referees, Nick Barberis, Maria Cecilia Busta mante, Kalok Chan, James Choi, Lauren Cohen, Francois Derrien, Daniel Ferreira, Robin Greenwood, David Hirshleifer, Bob Jennings, Marcus Kirk, Christopher Polk, Jake Thomas, Dimitri Vayanos, Michela Verardo, and seminar participants at Baruch College, Hong Kong University of Science and Technology, Korea University, London School of Economics, Sungkyunkwan University, University of California Irvine, University of Hong Kong, University of Miami, University of New South Wales, Yale University, the 2010 Paul Woolley Conference at the Toulouse School of Economics, the 2010 State of Indiana Finance Symposium at Indiana University, the 2011 KCMI & KAFA Conference, the 2011 European Finance Association Meetings in Stockholm, and Jefferies & Company for helpful comments. This research was partially supported by a Whitebox Advisors research grant at the Yale International Center for Finance. Lou also acknowledges financial support from the Paul Woolley Center at the London School of Economics. All remaining errors are our own.
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