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There is substantial evidence of short-term stock price continuation, which the prior literature often attributes to investor behavioral biases such as underreaction to new information. This paper investigates the role of information uncertainty in price continuation anomalies and cross-sectional variations in stock returns. If short-term price continuation(More)
Does limited attention among investors affect stock returns? We compare the response to earnings announcements on Friday, when investor inattention is more likely, to the response on other weekdays. If inattention influences stock prices, we should observe less immediate response and more drift for Friday announcements. Indeed, Friday announcements have a(More)
The nucleus accumbens is a forebrain region that mediates cocaine self-administration and withdrawal effects in animal models of cocaine dependence. Considerable evidence suggests an important role of dopamine D1 receptors in these effects. Using a combination of current-clamp recordings in brain slices and whole-cell patch-clamp recordings from freshly(More)
The development of behavioral sensitization during repeated administration of psychomotor stimulants is a well characterized phenomenon which involves alterations in dopaminergic neurotransmission within the mesoaccumbens system. However, recent evidence indicating that both behavioral sensitization and certain of its neuronal correlates can be prevented by(More)
Patell and workshop participants at Stanford University for their helpful comments. We also thank Andrew Hyde of snap.com and Alfred Lin of Venture Frogs for useful discussions in the formative stages of this project. We gratefully acknowledge Media Metrix Inc. for allowing us access to their Web Reports and the Center for Financial Reporting and Management(More)
Quality of earnings questions arise when firms that practice conservative accounting change the level of investment; growth in investment reduces reported earnings, creating reserves, and reduction of investment releases those reserves, increasing earnings. If the change in investment is temporary, current earnings is temporarily depressed or inflated, so(More)
BACKGROUND Prevalences of Alzheimer disease (AD) and vascular dementia (VaD) in China reportedly differ from those in Western countries. OBJECTIVE To estimate prevalence of AD and VaD in 4 regions of China. DESIGN Cross-sectional, population-based prevalence survey with a stratified, multistage cluster sampling design. SETTING Rural (n = 99) and(More)
anonymous referee, and, most especially, Brad Barber for their helpful comments. We also thank the Center for Financial Reporting and Management for providing financial support. We gratefully acknowledge the contribution of I/B/E/S International Inc. for providing earnings and sales forecast data. Abstract This paper presents evidence of persistent(More)
It is well established that behavioral sensitization to psychomotor stimulants is associated with adaptations in the mesoaccumbens dopamine (DA) system. We showed previously that the responsiveness of ventral tegmental area (VTA) DA neurons to glutamate was significantly enhanced in amphetamine- and cocaine-pretreated rats tested after 3 days of withdrawal,(More)