Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 2006 erstellt
Beschreibung:
In recent period, earnings announcement time is relatively invariable for a firm. There is evidence of strong preference to a certain time outside trading hours for earnings disclosure. Using firm specific regressions, I show that earnings response coefficient (ERCs) differ across firms. However, there is no evidence of differential ERCs to a certain earnings announcement time. By suddenly switching to a different announcement time from its preferred time, firms do not gain any softer market reaction. I compare research results from firm specific method and from pooled timeseries and cross-sectional method and demonstrate that they differ significantly due to large heterogeneity across firms. I suggest that researchers should adopt firm specific approach to avoid misleading results and to achieve improved estimations