| Autor: |
Jansen, Ivo Ph., Nikiforov, Andrei L., Sanning, Lee W. |
| Předmět: |
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| Zdroj: |
Journal of Business & Accounting; Fall2020, Vol. 13 Issue 1, p124-135, 12p |
| Abstrakt: |
The objective of this study is to assist managers who wish to strategically time their earnings announcements to receive more or less attention in the stock market. We first review prior literature on investor distraction/inattention, and conclude that the primary source of investor distraction is information overload. Our study next analyzes patterns in the number of earnings announcements over various time intervals. We find, for example, that a large majority of companies announce earnings outside of trading hours, and that a plurality do so in the first 30 minutes after the market closes. Thus, managers who want to maximize investor attention should consider announcing their earnings during the trading day, while managers who want to minimize investor attention should consider doing so immediately after the market closes. We furthermore document that a plurality of companies announce earnings on Thursdays, and that in calendar quarters 2, 3 and 4, a large majority of firms announce earnings during weeks 4 through 6. [ABSTRACT FROM AUTHOR] |
| Databáze: |
Complementary Index |
| Externí odkaz: |
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