Strategic timing of annual earnings announcements: evidence from an order-driven market

Strategic timing of annual earnings announcements: evidence from an order-driven market Using Spanish data, this paper examines, for the first time, the differences in the intraday response of an order-driven market to earnings announcements made during trading and non-trading hours. We show that the speed of reaction depends on timing of the announcement: for overnight (daytime) announcements, the improvement in liquidity is (not) immediate. This finding could explain why Spanish firms prefer to release the bad (good) earnings announcement in trading (non-trading) hours. This strategic timing differs from the traditional disclosure policy in American markets, suggesting that different microstructures may react differently to news releases and, consequently, drive the strategic timing of corporate disclosures. Review of Quantitative Finance and Accounting Springer Journals

Strategic timing of annual earnings announcements: evidence from an order-driven market

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Springer US
Copyright © 2008 by Springer Science+Business Media, LLC
Finance; Corporate Finance; Accounting/Auditing; Econometrics; Operation Research/Decision Theory
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