Do investors react differently on friday’s earnings announcements?
this paper examines whether markets react differently to earnings announcements released on Fridays versus non-Fridays in the Malaysian capital market. we use a standard event study method using a market-adjusted return model to examine such differences based on a sample of 120 earnings announc...
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| Main Authors: | , , , |
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| Format: | Non-Indexed Article |
| Published: |
2012
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| Online Access: | http://discol.umk.edu.my/id/eprint/7804/ http://econ.upm.edu.my/ijem/vol6no1/bab05.pdf |
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| Institution: | Universiti Malaysia Kelantan |
| Summary: | this paper examines whether markets react differently to earnings
announcements released on Fridays versus non-Fridays in the
Malaysian capital market. we use a standard event study method
using a market-adjusted return model to examine such differences
based on a sample of 120 earnings announcements. the results show
that announcements of profits released by companies on Fridays have
a negative effect on stock prices while announcements of losses are
associated with positive effects. these results contrast with the results
observed when the earnings announcements are released on nonFriday, thus confirming that such differences exist in the Malaysian
capital market. |
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