Fight club - analysis of a sequence essays

Fight club - analysis of a sequence essays Analyse a sequence of a film using film language and narrative concepts. The film I have decided to analyse in this essay is Fight Club (1999) directed by David Fincher (Se7en) and based on the novel by Chuck Palahunk. The film points fingers at numerous issues in society, namely the effect of consumerism on peoples lives, and how it is gradually taking over those lives. The story is told trough the eyes of a narcoleptic named Jack, played by Edward Norton (American History X,). Jacks only joys in life are the possessions he owns, until he meets Tyler Durden played Brad Pitt ( Se7en). Tyler believes that it is self-destruction that makes life worth living, not self-improvement. The very same night they meet, an explosion blows up Jacks apartment and possessions. Tyler offers Jack a place to stay but on one condition Tyler I want you to hit me as hard as you can. Despite Jacks doubts about hitting Tyler he does and discovers that fighting for recreation can give the ultimate high. This leads to them setting up Fight club which gradually sweeps across America taking with it Tylers influence and philosophy. The big shock of the story comes when Jack realises he is Tyler, and he came to life as a means of escaping his agonizingly boring life. When he realises this he must deal with the dramatic consequences of Tylers actions. The narration is restricted as its told by Jack, and therefore has a voice over. The films structure is un-conventional as its cause and effect is told in a non-linear narrative, looking at the decisions Jack has made and how they has effected the plot. The sequence I am analysing made up of four sections. The first is in the parking lot when Tyler asks Jack to hit him, the second is in a movie projection booth where Tyler splices sex organs into films, the third is in the Pressman hotel dinner area and kitchens where Tyler urina...

Statistics on Tweens and Dating Violence

Statistics on Tweens and Dating Violence While many adults have become aware of the prevalence of teen dating abuse and violence, few realize that preteen girls (and boys) are also victims and that the earlier they become sexually active, the more likely tweens will experience abuse and violence throughout their teen and young adult years. According to the July 2008 Tween and Teen Dating Violence and Abuse Study commissioned by Liz Claiborne Inc. and loveisespect.org, The National Teen Dating Abuse Helpline, tweens involved in relationships with the opposite sex experience significant rates of dating abuse and violence. For the purposes of this study, the following groups were defined as follows:Tweens - adolescents age 11-14Teens - adolecents age 15-18Parents - adults with a child age 11-14 The survey revealed the following about tween dating violence and abuse: Tweens who have been in a relationship report peer pressure and emotional and physical abuse. 62% know friends and peers whove been verbally abused by a boyfriend/girlfriend. 36% know friends and peers whove been pressured by their relationship partner to do something they didnt want to do.20% of 13 and 14-year olds in relationships know friends and peers whove been physically abused (kicked, hit, slapped or punched) by a boyfriend/girlfriend. Tweens identify abuse as a serious problem but dont know what to do about it. 24% say dating abuse and violence is a serious problem among their age group, and 37% say verbal abuse is a problem. Only 51% of tweens say they know the warning signs of a bad tween dating relationship, and 54% say they would know what to do if a friend asked for help. Tweens who engage in sexual activity are more likely to experience teen dating violence and abuse. 69% know say theyve experienced one or more types of abuse in a relationship 61% have been called names or put down verbally. 34% were physically abused . 36% were pressured to have oral sex when they didnt want to . 34% were pressured into having sexual intercourse when they didnt want to . In marked contrast, teens who delay sexual activity experience significantly less teen dating violence and abuse. 36% have been called names or put down verbally. 9% were physically abused . 15% were pressured to have oral sex when they didnt want to . 15% were pressured into having sexual intercourse when they didnt want to . Teens and tweens in relationships are most likely to discuss their experiences with friends and parents. 67% of tweens in relationships discuss their experiences with friends. 67% of tweens in relationships discuss their experiences with their mom. 78% of teens discuss their dating relationships with friends . 48% of teens discuss their dating relationships with their mom . Parents who delay talking to their tweens about relationships may find themselves out of the loop later on. 70% of parents who havent talked to their tween say its because their child is too young. 67% of parents say they know a lot or everything about their tweens dating relationship, but only 51% of tweens agree. 20% of tweens say their parents know little or nothing about their dating relationships, although only 8% of parents admit that . 38% of parents say their tween has been in a relationship, whereas 47% of tweens say that about themselves . Only 8% of parents say that their child has hooked up with a partner, versus 17% of tweens who say theyve hooked up. For parents, educators, and other adults concerned by these findings, two factors clearly have impact on the incidence of tween and teen dating abuse: Delaying the age at which a teenager first has sex greatly reduces the chances she/he will be involved in abuse.Talking to a child very early on about dating, relationships, and sexual behavior even before it seems necessary is essential to maintaining open communications between parent and child and may reduce the incidence of abuse. The Tween and Teen Dating Violence and Abuse Study was conducted January 2-18, 2008 by TRU (Teenage Research Unlimited) and the surveys findings were released July 8, 2008.

Strategic Management and Strategic Competitiveness Essay - 13

Strategic Management and Strategic Competitiveness - Essay Example This research will begin with the statement that the evaluation of strategic management frameworks and the identification of guidelines to highlight the degree of a firm’s strategic competitiveness have emerged as critical factors in assessing the future of the business with regards to the development of its corporate objectives and functioning in the long run. In a highly competitive business environment which is characterized by the growing influence of technology and a rise in globalization, value creation is a major consideration for firms which aim to transcend the influence of competitive forces. Considering this factor, the concept of strategic competitiveness can be applied to explore the issue as it focuses on the implementation of strategies for aiding the creation of value. The implications of strategic decision making are far-reaching such that the senior management must be able to demonstrate skills in prioritizing strategy and accordingly applying it to a given s cenario. By applying the example of Wal-Mart Stores, which is one of the leading retailers and public companies across the globe, this discussion focuses on understanding the impact of strategic guidelines on a business of such scale. The influence of globalization as identified within the context of a large-scale firm such as Wal-Mart is essentially linked with the understanding of how the application of the concept impacts the decision that a firm takes. Accordingly, the exploration of this concept involves examining the decision making and objectives of the company. As highlighted in the research conducted by Lavallee and Boyer, the influence and power of globalization with respect to Wal-Mart possesses the ability to shape external forces and define their impact on subsequent decisions.

Blaw Essay Example | Topics and Well Written Essays - 500 words - 1

Blaw - Essay Example As long as they had agreed in writing, it only means that the entertained should follow suit by paying for the service (Clarkson et al. 28). Parole Evidence Rule is not fixed just to parole or oral evidence. Under the rule, written agreements prior to the main agreement cannot be used to annul a latter drafted agreement particularly when it has been validated into a legally-binding written agreement. The disavowal that the concluding contract supersedes all the antecedent promises continues to give a pointer that indeed there was non-inclusion of furniture to the initially contracted terms. The second dimension indicates that whereas furniture is denotatively mentioned throughout the contract, a federal court may find that the provisions in the contract cannot be enforced because of vagueness. In other words, the terms need to be â€Å"reasonably certain† to effect enforcement. The same court can easily interpret the provision as an incipient agreement and seems promissory but were only meant to represent preliminary negotiations and had no legally binding connotations (Clarkson et al. 31). In an event where the court is able to determine that the provisions are unenforceable, it cannot determine the pricing due to the fact that the seller under no any legal obligation to undertake any terms of the provision. In other words, there was no obligation for the inclusion of furniture in sale agreement. In the future transaction where furniture is indeed included in the contract but the price is not, the court will not have to determine the price. In short, the court can only determine the price only when a service or good has in a way been consumed and cannot be returned in a similar condition with which it was sold. The same applies to its value which will have depreciated considerably compared to the time of sale. Such a situation will force the court to defer the pricing to

A Brief History of Bonn Essay -- Thebaean legionaries, germany

With traces of humans dating back 50,000 years, Bonn is considered to be one of Germany’s oldest cities (History). The city of Bonn â€Å"celebrated its 2000th anniversary in 1989, based on the date of its first written mention by the Roman writer Florus in 11 BC† (History). â€Å"Friedrich Schlegel once called Bonn a â€Å"friendly† town and it has been a friendly town throughout the whole 2000 years if its existence, which dates back to the foundation of the Drusus fort in the year 13 BC (Schleifer).† Around 11 BC, a Roman army placed a unit in what is present day downtown. However, before this occurred, the army moved members of a Germanic tribe, the Ubii, to Bonna which is Latin for Bonn. After many years, the army released the small camp linked to the Ubii-settlement. Around the 1st century AD, the Roman army then took a spot to the north of emerging Bonna in what is now the section of Bonn-Castell to build a military fort called Castra Bonnensis, whi ch means Fort Bonn. This Fort was used through the 5th century AD and continued to stand in the Middle Ages, where the fort was called Bonnburg. The structures were not of much use until the Frankish kings who were in control at this time decided to use them as part of the city wall in the 13th century. Barbarian invaders destroyed much of the original city of Bonna, and when the time came for the barbarians to take over, the troops switched their allegiances to save themselves from certain death. It is from these barbarians that the medieval city of Bonn began to rise (Bonn). â€Å"One well-documented event was the martyrdom of two Thebaean legionaries. The Thebaean Legion was an all-Christian legion, which refused to worship the emperor as a god. As punishment, the Thebaean Legion's commander, Ma... ...rk: Berghahn Books, 2010. Print. "Bonn." Wikipedia. Wikimedia Foundation, 25 Apr. 2014. Web. 27 Apr. 2014. "Bonn: A Brief History." A Brief History of Bonn. N.p., n.d. Web. 27 Apr. 2014. "Bonn Travel Guide." Travel Guide. N.p., n.d. Web. 28 Apr. 2014. de Bruyn, Gerd . Post tower : Helmut Jahn, Werner Sobek, Matthias Schuler. Berlin; Boston: Birkhauser Verlag, 1997. Print. "Drachenfels (Siebengebirge)." Wikipedia. Wikimedia Foundation, 18 Apr. 2014. Web. 28 Apr. 2014. Website Flagge, Ingeborg. Architektur in Bonn nach 1945 : Bauten in der Bundeshauptstadt und ihrer Umgebung. Bonn: Rohrscheid, 1984. Print. Grosser, Dieter. German Unification: The Unexpected Challenge. Oxford: Berg, 1992. Print. "Hans Riegel Bonn = HARIBO - A Traditional Brand with History." Hans Riegel Bonn = HARIBO - A Traditional Brand with History. N.p., n.d. Web. 28 Apr. 2014.

Pardoner’s Tale

Dec 1st, 2011 Death. It has many shapes and sizes in books and stories. In Chaucer’s book â€Å"The Pardoners Tale,† it takes the shape of an old man. He is very old and weary and seems like a completely innocent character. But, in this tale, he is the cause of three deaths. He is the very embodiment of death itself. The first clue to the old man’s identity occurs when he provided the rioters with the directions to find Death. â€Å"†Well sirs,† he said, â€Å"if it be your design To find out death, turn up this crooked wayTowards that grove, I left him there today Under a tree, and there you’ll find him waiting†Ã¢â‚¬  182-185 In this quote the old man knows he is telling the rioters where the gold is. He knows it will turn the rioters against themselves. Once they saw he gold they started plotting to kill each other to take the gold for themselves. Another clue hinting to you that he is no ordinary old man happens to be when he is tal king to the rioters. â€Å"† Not even death, alas, will take my life; So, like a wrenched prisoner at strife Within himself, I walk alone and waitAbout the earth, which is My mother’s gate Knock-Knocking with my staff from night to noon And crying, â€Å"â€Å"Mother, open to me soon! †Ã¢â‚¬  142-152 In this segment from the story he is saying that he can’t die. But, it also shows that he wants to die. In line 152 he says â€Å"Mother, open to me soon! † -152, meaning that he wants to be die and be buried in the earth. Calling the earth his mother. The final easy-to-see hint is how he changes subject when talking to the rioters. You can clearly see in lines 147-152 that he wants to die.But, when the rioters accuse him of being death or being a spy for death and act like they will kill him he suddenly changes his aim. â€Å"See how I wither, Flesh and blood and skin! / Alas! When will these bones be laid to rest? † 154-155. Here is an examp le of him clearly showing that he is ready for death. â€Å"Say where he is or you shall pay for it! † -178 Once the old man hears this he tells the three rioters where death supposable is. But, he knows that he is sending them to the gold where greed will overtake them and they will kill themselves over it. Pardoner’s Tale Dec 1st, 2011 Death. It has many shapes and sizes in books and stories. In Chaucer’s book â€Å"The Pardoners Tale,† it takes the shape of an old man. He is very old and weary and seems like a completely innocent character. But, in this tale, he is the cause of three deaths. He is the very embodiment of death itself. The first clue to the old man’s identity occurs when he provided the rioters with the directions to find Death. â€Å"†Well sirs,† he said, â€Å"if it be your design To find out death, turn up this crooked wayTowards that grove, I left him there today Under a tree, and there you’ll find him waiting†Ã¢â‚¬  182-185 In this quote the old man knows he is telling the rioters where the gold is. He knows it will turn the rioters against themselves. Once they saw he gold they started plotting to kill each other to take the gold for themselves. Another clue hinting to you that he is no ordinary old man happens to be when he is tal king to the rioters. â€Å"† Not even death, alas, will take my life; So, like a wrenched prisoner at strife Within himself, I walk alone and waitAbout the earth, which is My mother’s gate Knock-Knocking with my staff from night to noon And crying, â€Å"â€Å"Mother, open to me soon! †Ã¢â‚¬  142-152 In this segment from the story he is saying that he can’t die. But, it also shows that he wants to die. In line 152 he says â€Å"Mother, open to me soon! † -152, meaning that he wants to be die and be buried in the earth. Calling the earth his mother. The final easy-to-see hint is how he changes subject when talking to the rioters. You can clearly see in lines 147-152 that he wants to die.But, when the rioters accuse him of being death or being a spy for death and act like they will kill him he suddenly changes his aim. â€Å"See how I wither, Flesh and blood and skin! / Alas! When will these bones be laid to rest? † 154-155. Here is an examp le of him clearly showing that he is ready for death. â€Å"Say where he is or you shall pay for it! † -178 Once the old man hears this he tells the three rioters where death supposable is. But, he knows that he is sending them to the gold where greed will overtake them and they will kill themselves over it.

Positive Abnormal Returns On Stock Price Drift Finance Essay - Free Essay Example

Sample details Pages: 11 Words: 3164 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? This paper reviews some previous evidence which obviously indicate that the relation between abnormal returns on stock price drift round earning announcement trends to be positive in a short period, because of slow and incomplete market response to information can be explained by behavioural finance which strongly contradicts semi-strong form market efficiency that the stock price reflect all publicly available information and only information which is not available to the public can generate abnormal returns for investors on their investments. This paper aims to use previous evidence to prove the existence of abnormal returns around earnings announcement released and give a comprehensive analysis about the reason why this phenomenon occurred and this influence in different size firm will be also discussed. This paper reviews some previous evidence in order to analyze whether the efficient market hypothesis is still valid under the abnormal returns of positive earnings announcements released and give a comprehensive analysis about the reason why this phenomenon occurred. Don’t waste time! Our writers will create an original "Positive Abnormal Returns On Stock Price Drift Finance Essay" essay for you Create order In the first part, the relation between the abnormal returns on stock price drift and semi-strong efficient hypothesis will be discussed. In the second part, it mainly demonstrates the drift on stock price around the announcement day and gives a comprehensive analysis about how quickly the stock price of react to the positive surprise earnings announcements. In the third part, the firm size effect on stock price drift will be also analyzed. Finally, this paper points out the limitation in pervious research. (1) For different national institution systems is rare. (2) The comparison of different reactions to earnings announcement of different stock markets in developed and developing countries is rare. (3) The research of Different attitudes to the earnings announcement between individual investors and institutional investors is rare. Introduction When firms release their earnings announcement and related accounting information to the public, the institutions and individual analysts will compare this information with their previous estimation according to the inside and outside issues which can affect the companys future performance carefully, in order to pursue excess or abnormal returns. These data in reports are generally higher or lower than analysts estimates because of the surprised issues in earnings announcement, which usually affect the stock price of these companies significantly. Positive surprised earnings announcements typically cause a positive signal to their current and potential investors who concern the future performance of these firms (Needham, 2007). Conversely, a negative earnings announcement usually provides a negative signal to their investors which can act on the stock price. According to Eugene Fama (1970), market efficiency can be explained by three forms: weak form, semi-strong form and strong form efficiency. This paper aims to demonstrate whether the investor can gain abnormal returns from positive earnings announcement of a firm, because based on semi-strong form efficiency hypothesis which provided by Fama in 1970, the stock price is completely reflected by all public information, which means the future performance cannot be predicted and estimated by any other technical nor fundamental analysis which aims to gain abnormal returns. Nevertheless, some empirical studies which focus on the evaluation of speed of adjustment of stock prices to earning announcement show that market efficiency hypothesis is invalid. DeBondt and Thaler (1987) analyzed the relation between the stock prices and earnings announcement, which shows a positive estimated abnormal stock returns around the announcement day. Furthermore, some evidence indicated that the average initial response to earning announcements is an overreaction to earnings. Firstly, the purpose of this study is to analyze whether the efficient market hypothesis is still valid under the abnormal returns of positive earnings announcements released. Secondly, it will discuss the drift of stock price around the announcement day and give an analysis about the time of how quickly the stock price of react to the positive surprise earnings announcements. Thirdly, investigate the firm size effect in stock price change around earnings announcement released. Finally, give a conclusion and an implication from this study. Analyzing in semi-strong form EMH Semi-strong form efficiency was defined by Fama (1970) that stock price completely reflects all available information which released to the public. A test of semi-strong form efficiency was performed by Fama, Fisher, Jensen, and Roll (1969) indicated that investors cannot gain any abnormal returns under public information, which means under efficient capital markets, stock prices fully reflect all the information in a rapid and unbiased period and provide unbiased estimates of the underlying values (Basu, 1977). In conclusion, if semi-strong form efficiency is valid, abnormal returns by acting on public announcements is possible. However, many literatures indicated that the market is inefficient. William (1991) says the earnings announcements contain some information which is not available to the public. Foster et al (1984) constructed 10 portfolios on the size of earnings surprise and analyzed stock returns. He found there was a large abnormal return on announcement day and inv estors can obtain this excess return when the positive earning information was published. Moreover, he also recognized that there was significant stock price adrift around the announcement day which can be explained by delayed adjustment of stock market to new information (under-reaction). Ball and Kothari (1991) supported this conclusion by their empirical test that earnings announcement usually include information which not available to the market and significant excess return will be generated on the announcement day. Hereafter, Jegadeesh and Livnat (2006) say that abnormal stock returns, especially the post announcement abnormal returns are result from earning announcement. All of this evidence clearly and strongly demonstrates that price announcements contain information not available to the market and the stock price cannot fully reflect all the information released to the public, which against semi-strong form EMH. 2. Analyzing in stock price drift around announcement day Ball and Brown (1968) find there was an abnormal return around earnings announcement day and the internal and external factors which cannot be released to the public will potentially affect the intrinsic value of stock price (Charles et al, 1970). Joy and Jones (1979) concluded their studies and said the phenomenon of generating abnormal returns from earnings announcements can prove the market is inefficient. 2.1 Pre- Earning Announcement Drift Pre-announcement means private information used in anticipation of public disclosure in order to pursue abnormal returns when related information published to the market. The first conclusive evidence of pre-announcement price drift was provided by Keown and Pinkerton (1981), which is based on the underlying theory stock price behavior. In this paper, they assumed that any observed increasing in stock price would be directly prove the existence of insider trading and concluded that the leakage was significantly pervasive insider trading. Foster et al (1981) concluded that the early earnings announcement may contain some information relevant to the later and currently affect it in stock price. This appearance can be defined as pre-earnings announcement drift, which is similar to post-earnings announcement drift because of the under-reaction of investors to the changing in earnings announcement. Ball and Brown (1968) used their empirical evidence to demonstrate that around 85% to 90% of stocks price changed before the announcement released, because these information will directly influence the confidence of their current or potential investors to the companys future performance they invested. The result from Jarrell and Poulsen (1989) also support Ball and Brown (1968). Later, Paul (1994) used his empirical test to find share prices would increase dramatically in the 30 days prior to the god earnings announcement released. However, Sanders and Zdanowicz (1992) used their empirical test to examine pre-announcement activities and argued that: The previous literature did not isolated the interval over which insider trading could take place, namely around the unpublicized initiation date. Furthermore, they also found there was no evidence to prove the price drift which caused by the pre-bid activities before the announcement date. Finally, they conclude abnormal returns only occurred after the financial information published and those speculation activi ties before the announcement date almost certainly based on the leaked information they got. The relation between stock price and pre-announcement trading volume activities is also discussed by Jarrell and Poulsen (1989). They used historical data to analyze the relation between the trading volume and abnormal returns, which is based on stock price drift around announcement day. According to their studies, they found abnormal trading volume activities were significant over the whole pre-announcement period of time. Based on their research, they found there was a significantly positive abnormal return may be accrued before the announcement published, but increased trading volume activity is just possible. However, Sanders and Zdanowicz (1992) criticized that there might be some noises in the methodology which was used by Jarrell and Poulsen in 1989. They argued that as a result of the failure to take into account both day of the week effects and serial correlation, the test is mis specified. 2.2 Post- Earning Announcement Drift The abnormal returns before earnings announcement are relatively easy to understand because the leakage of information into the market, but not the same as abnormal returns after the earnings announcement (PEAD). Ball and Brown identified post-earnings announcement drift (PEAD) in 1968 and subsequent research always supported their view comprehensively. In order to confirm the existence of PEAD, Forster et al (1984) used their empirical test and said there was positive correlation between abnormal stock returns and the unexpected issues of the earning post-earnings announcement released. The post-earnings announcement drift phenomenon directly challenges the semi-strong form efficient markets hypothesis (EMH), which indicates that the stock price fully reflect all publicly available information instantaneously. Meanwhile, Abarbanell and Bernard (1992) compared market and analyst reactions to earnings announcement released. According to their studies they found that analysts are mor e efficient than the market. However, Fama (1998) said it is just a market anomaly in the stock market, which can be solved by three-factor module. Sometimes, previous studies also implied that abnormal returns could be generated by using investment methodology and strategies based on price-change persistency subsequent to earnings announcements (Lev and Ohlson, 1982). Kyle (1985) used his result to support (Lev and Ohlson, 1982), there was a substantial return of PEAD can be treated as compensation for the unpredictable information released in earnings announcement for informed traders to noise traders. However, one argument supported by the EMH says that: If any systematic method of obtaining abnormal excess returns exists and if that method becomes known to the public, then the mechanics of an efficient market will negate the realization of any further benefits derived from the use of that method (Bidwell and Riddle, 1981). The evidence shows a strong belief in market ef ficiency was the accumulation of results which indicate that there is an existence of persistent price adjustments after earnings announcements, but it is just an instantaneous adjustment, the stock market is still efficient. However, Bernard and Thomas (1990) say that the post-earnings announcement drift means the anomaly in market efficiency is a failure to reflect all the information into the stock price completely, because of the relatively slow reflection to the announcement published from people. It is difficult for people to understand why stock prices can not respond the information in earning announcement published completely and immediately. In order to explain this question, Bernard and Thomas (1989) and Freeman and Tse (1989) use their empirical evidence to provide one indication that could help people to understand preliminary. Specifically, they found that there was a huge disproportionately of the post-announcement drift is delayed until the subsequent earnings ann ouncement released. Later, Booth, Kalunki and Martikainen (1996) summarized Bernard and Thomas (1989) that it is so absolute, but at least, a part of the responses to changes indicated around earnings announcements has been delayed. In other words, why this situation happened is just because not all the investors can get available information from earnings announcement and assimilate it and the existence of transaction cost in this processing. Bhushan (1994) tried to find out the relation between the post-earnings announcement drift and proxies for transaction costs. According to his empirical test, he found even in an efficient security market, the transaction will still exist because sophisticated investors will not trade until the transaction costs will be exceed by their expected profit return. 2.3 How quickly security prices assimilate new information Fama (1998) said that most long-term return anomalies tend to disappear with reasonable changes in technique and alternative approaches are used to measure them. Grossman (1976) shows that price can reveal all private information to passive investors. However, Grossman and Stiglitz (1980) argue that only if transaction costs are zero, the prices should assimilate new information immediately and completely. As a matter of fact, the transaction cost cannot be zero. Watts (1978) also supported this view, he said only those people who can avoid the direct or indirect transaction costs can generate abnormal returns after earnings announcement released. According to Forster et al (1984), although there was positive correlation between abnormal stock returns and the unexpected issues in period of earning announcement released, he found the speed of adjustment to any information contained in announcement is gradual but not instantaneous. Bernard and Moreover, Thomas (1990) also pointed out that the existence of drift stock price will not exceed 1 hour after the earnings announcement released. In order to explain and solve this problem, Dann et al. (1977), the first research group in this domain, used high frequency data to analyze the speed of price adjustment. They found that all of the potential trading profits dissipated and disappeared within 5 minutes after the announcement released. Moreover, Patell and Wolfson (1984) showed that abnormal returns would disappear within the first 30 minutes of earnings announcement released and most of the stock price returned to normal price within 10 minutes, which is similar with previous studies of Dann et al. (1977). In addition to this, Brooks (2003) found an immediate price adjustment phenomenon to overnight unpredicted events. However, De Bondt and Thaler (1985) argued that the price decreases and rebounds in subsequent periods due to the overreaction. If these points of view hold up, it means the strong form of marke t efficiency hypothesis is not valid. As can be seen, all the evidence above support that there is quick adjustment of prices drift after the earnings announcement released. However, there is a problem that all of these studies do not pay more attention on the impact of the different market structures, which can influence the process of price adjustment strongly. Francis et al. (1992) compared Paris Bourse market response to earnings announcements released during trading and non-trading hours. As a result, they found there was no evidence to prove that an inner reaction to overnight announcements at the opening of security market which is supported by Grossman (1976) that the trading is necessary to assimilate new information into the stock price, but the adjustment of stock price is not immediate to overnight announcements. Nevertheless, Greene and Watts (1996) found a different result from Francis et al. (1992). In order to explain their opinion, they analyzed NYSE and NASDA Q. As a result, they found there was an immediate price adjustment in these two markets which can be explained by the weakness of the information content of annual earnings announcements in two markets. Cao et al. (2000) used their result to support this point of view, stock prices will adjust to overnight announcements immediately. Thereby, as can be seen from the previous studies, the speed of adjustment of stock prices is related to market structure, not hold unique evaluation criteria. Firm size effect Linda (1987) said relative to the announcements of larger firms, smaller firms can generate a greater stock increasing in trading which persists for a longer time. Cheng Fan-fah (2008) used their empirical evidence to prove the impact of firm size on the stock prices of earnings announcement released are usually gained by the earnings response coefficient (ERC) and the ERC of smaller firms will be usually less than the larger firms, which shows a significantly negative correlation between firm sizes and abnormal returns. In the next parts, some issues which can affect the stock price in different size firms will be discussed. 3.1 Information asymmetry in small size firm announcement Ball and Kothari (1991) said the earnings announcement and other financial statements in large companies are more transparent than small companies and the abnormal stock return of small size firm is relatively higher than large size firms around the day of earnings announcement released because of the information asymmetry. Due to the less information published by small firms, investors should know the earnings announcement of small size firms includes lots of information which not available to the market, in other words, if investors early access the positive asymmetric information of earnings and revenue announcement from the inside of small size firms and invest on them, the more opportunities will be generated for them to obtain excess and abnormal returns than the people who invest on large size firms before the earnings announcement released. 3.2 Abnormal trading volume reaction in small size firms Beaver (1968) concluded that the trading volume indicated a consensus expectance among investors with complete information released. Freeman (1981) debated on whether there will be a relation between firm size effect and the existence of trading volume. According to his studies, the result showed an analogous inverse relation between firm size and trading volume around the date of earnings announcements released. Atiase (1985) proposed his point of view that investors prefer to discovery and pursue more related information and unexpected news of earnings announcements of small firms, which leading to a significant and sustained trading volume reaction. Linda (1987) used her empirical test to support Atiase (1985) that there was a positive correlation between the unexpected earnings announcement and the abnormal trading volume reactions. Relative to the earnings announcements of large firms, trading volume reaction of small firms is relatively larger than big firms after the earning s announcement released in a long period of time which can generate a significant stock price drift. Conclusion This paper reviews some previous evidence in order to analyze whether the efficient market hypothesis is still valid under the abnormal returns of positive earnings announcements released. Meanwhile, the issues which can cause the drift of stock price around the announcement day and how quickly the stock price of react to the positive surprise earnings announcements are also discussed. According to this paper, I found there is a significant price drift around announcement day, because of slow and incomplete market response to new information published, which can be explained by behavioural finance. Furthermore, the length of time of assimilating new information is very fast, but it also depends on the market structure we discussed. Moreover, it also investigates the firm size effect in stock price change around earnings announcement released, a negative relation between the firm size and price drift was confirmed. All of these studies obviously indicate that there will be an abn ormal return on stock price drift round earning announcement day in a short period which against semi-strong form market efficiency hypothesis that the stock price fully reflects all publicly available information and any abnormal returns cannot be generated by any other fundamental nor technical analysis. However, there are also some limitations in pervious research. (1) For different national institution systems is rare. (2) The comparison of different reactions to earnings announcement of different stock markets in developed and developing countries is rare. (3) The research of different attitudes to the earnings announcement between individual investors and institutional investors is rare.