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 video explaining tables and scope in z-Tree


Have you sometimes struggled to understand how tables and the scope operators work together in z-Tree? I am just in the process of preparing an online z-Tree course, putting my new recording studio equipment to good use. In the process of preparing this course I have prepared a short (16min) video, explaining this crucial z-Tree concept. Be sure to check it out below, and let me know if you have any feedback!

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: