Price Effects of Relative Reporting Delay of Same-day Earnings and Dividend Announcements
نویسندگان
چکیده
This study focuses on the intraday relative timing of same day announcements of earnings and dividends. The price effects of three timing patterns are examined: (a) both earnings and dividends announced after the close of trading, (b) dividends announced before and earnings announced after the close of trading, and (c) earnings announced before and dividends announced after the close of trading. Based on both univariate tests of abnormal returns and on comparing portfolio abnormal returns, the evidence weakly supports the overall hypothesis that investors pay attention to the relative timing of the same day announcements.
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