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    Are Friday Announcements Special in a Continuous Disclosure Environment?

    84973.pdf (605.3Kb)
    Access Status
    Open access
    Authors
    Chapple, L
    Duong, Lien
    Truong, T. P.
    Date
    2021
    Type
    Journal Article
    
    Metadata
    Show full item record
    Citation
    Chapple, L. and Duong, T.H.L. and Truong, T.P. 2021. Are Friday Announcements Special in a Continuous Disclosure Environment? Accounting & Finance. 61 (S1): pp. 2031-2067.
    Source Title
    Accounting & Finance
    DOI
    10.1111/acfi.12652
    ISSN
    0810-5391
    Faculty
    Faculty of Business and Law
    School
    School of Accounting, Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/85090
    Collection
    • Curtin Research Publications
    Abstract

    We re-test the intuition that investors and traders could be preoccupied with the upcoming weekend and pay less attention to Friday corporate announcements in the continuous disclosure environment of Australia. The market reaction to Friday announcements in the US, except for earnings announcements, disappears after correcting for selection bias. However, there is no evidence of investor inattention to Friday announcements in Australia, indicating that a continuous disclosure environment improves disclosure timeliness and market efficiency. The investor attention theory is significantly challenged in a unique natural setting where the potential selection bias to delay material information release to Fridays is eliminated.

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