Academic Website

Welcome to the Academic Website of Stefan Palan.

This website aims to give an overview of my areas of academic interest and job experience.

I am glad for any and all comments!

Best regards,

Stefan Palan.

Associate ProfessorDepartment of Banking and FinanceUniversity of GrazUniversitaetsstrasse 15/F28010 GrazAustria
E: stefan.palan@uni-graz.atT: +43(316)380-7306W:

New paper studying the post-earnings-announcement drift


Together with Josef Fink and Erik Theissen, I have recently published a new working paper stuying the post-earnings-announcement drift (PEAD). In the first experimental study of this pricing anomaly, the three researchers show that autocorrelation in earnings surprises is not a necessary condition for PEAD. Rather, such autocorrelations strengthens a drift that is also present in its absence. The paper then goes on to document that the drift can be profitably exploited even after accounting for transaction costs, and that greater earnings surprises are connected to greater drift, likely due to investors underreacting to earnings autocorrelation.

Link to the paper:

New paper studying the disposition effect


I have just published a new working paper studying the disposition effect. Following a seminar presentation at the Université catholique de Louvain in October of last year, I joined the research project of Rudy De Winne and Nhung Luong, who study whether investors whose behavior exhibits the disposition effect choose different order types and different limit prices than investors less prone to the disposition effect. We are able to report strong evidence supporting this conjecture from a comprehensive analysis of a large dataset of millions of trades by thousands of Belgian retail investors. For the next version of the paper, we aim to run experiments to document causal relationships.

Link to the paper: