---
title: Not All Beats Are Equal: Anchoring on the Nominal Earnings Surprise
url: https://www.ml-quant.com/papers/ssrn/7676359/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-11-06
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: SSRN 7676359
source_url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7676359
featured: 2026-11-06
citations: unknown
topic: Asset Pricing & Factors
---


# Not All Beats Are Equal: Anchoring on the Nominal Earnings Surprise

Shows that stock returns respond more to the same percentage surprise when reported earnings are larger in cents, consistent with anchoring on nominal rather than percentage earnings beats.

- Source: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7676359
- Identifier: SSRN 7676359
- Released: 2026-11-04
- First featured: Quant Letter No. 138 (2026-11-06): https://www.ml-quant.com/issues/2026-11-06/
- Citations (Semantic Scholar): not tracked
- Published in: not yet
- Topic: Asset Pricing & Factors
- Authors: Petrus H. Ferreira, Clay Partridge, Shichu Wang

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