Market (in)attention and the strategic scheduling and timing of earnings announcements

被引：200

作者：

deHaan, Ed ^{[1
]}

Shevlin, Terry ^{[2
]}

Thornock, Jacob ^{[3
]}

机构：

[1] Stanford Univ, Grad Sch Business, Stanford, CA 94305 USA

[2] Univ Calif Irvine, Merage Sch Business, Irvine, CA 92717 USA

[3] Univ Washington, Foster Sch Business, Seattle, WA 98195 USA

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 2015年 / 60卷 / 01期

关键词：

Market attention; Earnings announcement timing; Earnings announcement scheduling; Earnings announcement notifications; Strategic disclosure; BAD-NEWS; INFORMATION; ATTENTION; COMPENSATION; DISCLOSURES; TIMELINESS; CEOS;

D O I：

10.1016/j.jacceco.2015.03.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate whether managers "hide" bad news by announcing earnings during periods of low attention, or by providing less forewarning of an upcoming earnings announcement. Our findings are consistent with managers reporting bad news after market hours, on busy days, and with less advance notice, and with earnings receiving less attention in these settings. Paradoxically, our findings indicate that managers also report bad news on Fridays, but we do not find lower attention on Fridays. Further, we find negative returns when the market is notified of an upcoming Friday earnings announcement, which is consistent with investors inferring forthcoming bad news. (C) 2015 Elsevier B.V. All rights reserved.

引用

页码：36 / 55

页数：20

共 42 条

[11] Investor Inattention and Friday Earnings Announcements
Dellavigna, Stefano
Pollet, Joshua M.
[J]. JOURNAL OF FINANCE, 2009, 64 (02) : 709 - 749
[12] The Timeliness of Bad Earnings News and Litigation Risk
Donelson, Dain C.
McInnis, John M.
Mergenthaler, Richard D.
Yu, Yong
[J]. ACCOUNTING REVIEW, 2012, 87 (06) : 1967 - 1991
[13] The Timing of Earnings Announcements: An Examination of the Strategic Disclosure Hypothesis
Doyle, Jeffrey T.
Magilke, Matthew J.
[J]. ACCOUNTING REVIEW, 2009, 84 (01) : 157 - 182
[14] Drake M., 2013, MECH INFORM TRANSFER
[15] Drake M. S., 2015, CONT ACCOUN IN PRESS
[16] The Media and Mispricing: The Role of the Business Press in the Pricing of Accounting Information
Drake, Michael S.
Guest, Nicholas M.
Twedt, Brady J.
[J]. ACCOUNTING REVIEW, 2014, 89 (05) : 1673 - 1701
[17] Investor Information Demand: Evidence from Google Searches Around Earnings Announcements
Drake, Michael S.
Roulstone, Darren T.
Thornock, Jacob R.
[J]. JOURNAL OF ACCOUNTING RESEARCH, 2012, 50 (04) : 1001 - 1040
[18] How Do Investors Interpret Announcements of Earnings Delays?
Duarte-Silva, Tiago
Fu, Huijing
Noe, Christopher F.
Ramesh, K.
[J]. JOURNAL OF APPLIED CORPORATE FINANCE, 2013, 25 (01) : 64 - +
[19] Falato Antonio., 2013, , working paper
[20] Monitoring by the financial press and forced CEO turnover
Farrell, KA
Whidbee, DA
[J]. JOURNAL OF BANKING & FINANCE, 2002, 26 (12) : 2249 - 2276

← 1 2 3 4 5 →