With regard to the Efficient Market Hypothesis, the post-earnings-announcement drift (PEAD) has been a recognized anomaly for more than 40 years. The drift is of the same sign as the earnings surprise and therefore suggests market underreaction followed by gradual adjustments to the information in earnings.This work analyses short-term reactions to the announcement of quarterly earnings per share in the German stock market. Additional publicly available pieces of information, such as the stock?s past risk-adjusted performance as well as the abnormal trading volume at the announcement day provide further insight in the information processing characteristics around earnings announcements. In general, there is a quick and complete market reaction to earnings surprises within the event window [-2;2]. Positive earnings surprises along with high abnormal trading volume show the strongest market reactions in terms of cumulated average abnormal returns (CAAR). There is a PEAD in the period [2;10] for portfolios built according to the past risk-adjusted performance. Past losers outperform past winners and the CAAR-difference grows further when taking the direction of the earnings surprise into account.The findings endorse the literature regarding the size effect. In most of the cases, SDAX-companies react stronger than DAX-companies. In addition, the results from the standard model are confirmed by a great deal of robustness tests, among them different return-generating processes as well as analyst forecasts for the calculation of the standardized unexpected earnings measure.