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Articles (2017), Journal of Banking and Finance (82), pp. 59-79

Announcing the Announcement

BOULLAND Romain , DESSAINT O.

What drives investors’ attention? We study how far in advance earnings calendars are pre-announced and find that investors are more attentive to earnings news when such details are disclosed well ahead of time. This variation in investors’ attention affects short-run and long-run stock returns, thereby creating incentives for firms to strategically pre-announce the report date on short notice when the earnings news is bad. Consistent with this idea, firms pre-announce their report dates well ahead of time when earnings are good and do it at the very last moment when earnings are bad. A trading strategy that exploits such variations yields abnormal returns of 1.5% per month. Lien vers l'article

BOULLAND, R. and DESSAINT, O. (2017). Announcing the Announcement. Journal of Banking and Finance, (82), pp. 59-79.

Mots clés : #Investor-attention, #Media-coverage, #Earnings-announcements, #Earnings-conference-call