Chapter 1 Introductio Chapter 2 Literature Review 2.1 Introduction 2.2 Model Misspecification as an Explanation of Drift 2.3 Delayed Response as an Explanation of Drift 2.4 Firm-Specific Attributes Affecting the Dynamics of Drifts Chapter 3 Research Design and Data 3.1 Standardized Unexpected Earnings(SUE) 3.2 Earnings Surprise 3.3 Cumulative Abnormal Returns 3.4 Control Variables 3.5 Sample Selection Chapter 4 Empirical Results 4.1 Main Analysis 4.2 Robustness Checks Chapter5 Conclusion References