Key points are not available for this paper at this time.
O. Maurice Joy, Robert H. Litzenberger, Richard W. McEnally, The Adjustment of Stock Prices to Announcements of Unanticipated Changes in Quarterly Earnings, Journal of Accounting Research, Vol. 15, No. 2 (Autumn, 1977), pp. 207-225
Joy et al. (Sat,) studied this question.