Chloe Xie published a research paper [1] on exactly the topic of how hard it is to profit despite advance knowledge of earnings results. It was summarized by Ma

Chloe Xie published a research paper [1] on exactly the topic of how hard it is to profit despite advance knowledge of earnings results. It was summarized by Matt Levine in his aptly titled "Knowing the Future Isn’t That Helpful" [2]. [1]: http://chloexie.com/pdf/ChloeXie_JMP.pdf http://chloexie.com/pdf/ChloeXie_JMP.pdf [2]: https://www.bloomberg.com/opinion/articles/2019-11-26/knowing-the-future-isn-t-that-helpful https://www.bloomberg.com/opinion/articles/2019-11-26/knowin...