Luo, Cheng; Ravina, Enrichetta; Sammon, Marco; Viceira, … - National Bureau of Economic Research - 2025
Using a large and representative panel of U.S. brokerage accounts, we show that retail investors trade as contrarians after large earnings surprises, especially for loser stocks, and that such contrarian trading contributes to price momentum and post earnings announcement drift (PEAD). We show...