Announcing the Announcement

American Finance Association 2015 Boston Meetings Paper

57 Pages Posted: 13 Dec 2014 Last revised: 9 Jan 2018

Date Written: July 1, 2015

Abstract

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 stock prices, thereby creating incentives for firms to strategically pre-announce the report date on short notice when the earnings news is bad. Hence, firms pre-announce their report dates well ahead of time when earnings are good and do it at the last moment when earnings are bad.

Keywords: Attention, Earnings Announcements

JEL Classification: M41, G14, L15

Suggested Citation

Boulland, Romain and Dessaint, Olivier, Announcing the Announcement (July 1, 2015). American Finance Association 2015 Boston Meetings Paper , Available at SSRN: https://ssrn.com/abstract=2537184 or http://dx.doi.org/10.2139/ssrn.2537184

Romain Boulland

ESSEC Business School ( email )

3 Avenue Bernard Hirsch
CS 50105 CERGY
CERGY, CERGY PONTOISE CEDEX 95021
France

Olivier Dessaint (Contact Author)

INSEAD

Boulevard de Constance
77305 Fontainebleau Cedex
France

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