We develop a hypothesis that informed investors deliberately choose order types (market vs. limit orders) in buying and selling stocks around earnings announcement and the relative magnitude of two order type has implications on the cross-sectional variation of the post earnings announcement drift. We test the hypothesis using the Korea Exchange (KRX) data set that identifies both order type and investor type (individual, institutional and foreign investors) for all the stocks listed on the Kospi market of the KRX. Consistent with our hypothesis, we find that the information on the order type selection, which is publicly available at the end of each trading day, can explain whether stock prices after earnings announcement would exhibit a drift or a reversal and improves the profitability of wellknown post earnings announcement strategy substantially. We also examine the informativeness of the relative magnitude of order types on future stock returns for each investor type.