ABSTRACT. In an attempt to capture the buying and selling behaviour of different investors in the vicinity of interim earnings announcements, Vieru et al. separate the individuals into five trading frequency (activity) classes. Shivakumar disaggregates the commonly used proxy for earnings surprise into cash flow and accrual components and evaluates the ability of each of these components in predicting future stock returns. Ekholm investigates how different types of investors react to new earnings information. González analyzes the relevance of two different reasons for banks to acquire firms' stock: the increase of agency costs in the lending relationship, and participation in the expected profits of undervalued firms.