@booklet {62046,
	title = {Good News for Value Stocks: Further Evidence on Market Efficiency},
	year = {1995},
	note = {Download PDF},
	month = {Oct 1, 1995},
	abstract = {This paper examines the hypothesis that the superior return to so{\textendash}called value stocks is the result of expectational errors made by investors. We study stock price reactions around earnings announcements for value and glamour stocks over a 5 year period after portfolio formation. The announcemen returns suggest that a significant portion of the return difference between value and glamour stocks is attributable to earnings surprises that are systematically more positive for value stocks. The evidence is inconsistent with a risk{\textendash}based explanation for the return differential.},
	author = {Rafael LaPorta and Florencio Lopez-de-Silanes and Andrei Shleifer and Robert W. Vishny}
}
