Strategic timing of earnings announcements?

Cameron Truong

Accounting and Finance, 2010, vol. 50, issue 3, 719-738

Abstract: Using firm‐specific regressions, I show that earnings response coefficient differ across firms. However, there is no evidence of differential earnings response coefficient to a certain earnings announcement time. By switching to a different announcement time from its preferred time, a firm does not gain a softer market reaction. I compare research results from a firm‐specific method and from a pooled time‐series and cross‐sectional method and demonstrate that they differ significantly due to large heterogeneity across firms. I suggest that researchers should adopt a firm‐specific approach to avoid misleading results and to achieve improved estimations.

Date: 2010
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https://doi.org/10.1111/j.1467-629X.2009.00338.x

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