Do investors react differently on friday’s earnings announcements?

Nurwati Ashikkin Ahmad Zaluki, and Ahmad Ridhuwan Abdullah, and Salwani Abdullah, and Zarina Alassan, (2012) Do investors react differently on friday’s earnings announcements? International Journal of Economics and Management, 6 (1). pp. 75-97. ISSN 1823836X

Official URL: http://econ.upm.edu.my/ijem/vol6no1/bab05.pdf

Abstract

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.

Item Type: Non-Indexed Article
Keywords: Earnings announcements - Friday and non-Friday - Event study - Malaysia
Deposited By: En. Pahmi Abdullah
Date Deposited: 20 Dec 2012 13:05
Last Modified: 20 Dec 2012 13:09
URI: http://umkeprints.umk.edu.my/id/eprint/1120

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