Research seminar: Zoran Ivkovich (Michigan State University)

We would like to invite you to a research seminar by Zoran Ivkovich, Professor of Finance at Michigan State University.

Title: *Publication Effect: Accelerating Anomalies*

Authors: Zoran Ivkovich and Morad Zekhnini (both Michigan State University)

Abstract: Academic publication compresses the timeline of anomaly returns: pre-publication, anomaly signals produced gradual drifts; post-publication, price adjustments occur within days of disclosure, following step-function-like patterns. The effect is heterogeneous: short-term return responses strengthen on average but remain unchanged or even reverse for some anomalies. This heterogeneity matches cash flow predictability—the direction of cash-flow predictability predicts the direction of the publication effect. These patterns are marginally related to standard behavioral frictions and are inconsistent with data mining, Bayesian shrinkage, and conventional risk-factor models. Instead, publication appears to lower the cost of identifying which signals carry fundamental information, enabling faster price discovery.

The seminar will take place on *Monday*, May 18, 2026, in Room 314 at 15:30.

A preliminary version of the paper is available here.

If you need a discussion slot with Prof. Ivkovich, please write to Prof. Tomáš Havránek, and he will try to find a suitable time.

The list of all research seminars at IES (past and forthcoming) is available at: https://ies.fsv.cuni.cz/en/research/research-seminars.