Corporate Governance and the Timing of Earnings Announcements
Using comprehensive time stamp data on earnings announcements collected from newswires, we show that earnings news announced within trading hours results in approximately 50% smaller immediate reaction compared to similar earnings announced outside trading hours. Negative news tends to be announced...
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| Veröffentlicht in: | Review of Finance 2014-10, Vol.18 (6), p.2003-2044 |
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| container_end_page | 2044 |
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| container_issue | 6 |
| container_start_page | 2003 |
| container_title | Review of Finance |
| container_volume | 18 |
| creator | Michaely, Roni Rubin, Amir Vedrashko, Alexander |
| description | Using comprehensive time stamp data on earnings announcements collected from newswires, we show that earnings news announced within trading hours results in approximately 50% smaller immediate reaction compared to similar earnings announced outside trading hours. Negative news tends to be announced during trading hours, which, together with the reduced response, may allow for managerial opportunistic behavior. We also provide evidence that announcement timing is affected by internal corporate governance. Recent regulations that tightened firms' governance are associated with a significant shift to announcing outside trading hours, especially for firms with better corporate governance. Our surveys of corporate managers corroborate these results. |
| doi_str_mv | 10.1093/rof/rft054 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 1572-3097 |
| ispartof | Review of Finance, 2014-10, Vol.18 (6), p.2003-2044 |
| issn | 1572-3097 1875-824X |
| language | eng |
| recordid | cdi_proquest_journals_1606227845 |
| source | EBSCOhost Business Source Complete; Oxford University Press Journals All Titles (1996-Current) |
| subjects | Comparative analysis Corporate governance Earnings announcements Organizational behavior Securities regulations Securities trading Studies |
| title | Corporate Governance and the Timing of Earnings Announcements |
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