The preholiday corporate announcement effect

The preholiday corporate announcement effect

We find that investors react more favorably to corporate announcements of share repurchases, SEOs, earnings, dividend changes, and acquisitions if the announcement is made immediately prior to or on holidays. These announcements are associated with more positive reactions for favorable events and le...

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Published in:Journal of financial markets (Amsterdam, Netherlands) Vol. 45; pp. 61 - 82
Main Authors: Autore, Don M., Jiang, Danling
Format: Journal Article
Language:English
Published: Elsevier B.V 01-09-2019
Subjects:
Corporate announcements
Market efficiency
Market reaction
Mood
Preholiday effect
Preholiday effect
Mood
G30
Market reaction
Market efficiency
Corporate announcements
G14
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Abstract We find that investors react more favorably to corporate announcements of share repurchases, SEOs, earnings, dividend changes, and acquisitions if the announcement is made immediately prior to or on holidays. These announcements are associated with more positive reactions for favorable events and less negative reactions for unfavorable events. This effect is robust to controls for market conditions and a selection bias, is accompanied by subsequent reversals, and is present in several international markets. Our findings suggest that predictable individual mood changes can cause biases in market reactions to firm-specific news. •We find more favorable market reactions to preholiday corporate announcements.•Investor mood tends to rise prior to major holidays.•This effect is robust to controls for market conditions and a selection bias.•The effect is accompanied by subsequent reversals and present in several international markets.
AbstractList We find that investors react more favorably to corporate announcements of share repurchases, SEOs, earnings, dividend changes, and acquisitions if the announcement is made immediately prior to or on holidays. These announcements are associated with more positive reactions for favorable events and less negative reactions for unfavorable events. This effect is robust to controls for market conditions and a selection bias, is accompanied by subsequent reversals, and is present in several international markets. Our findings suggest that predictable individual mood changes can cause biases in market reactions to firm-specific news. •We find more favorable market reactions to preholiday corporate announcements.•Investor mood tends to rise prior to major holidays.•This effect is robust to controls for market conditions and a selection bias.•The effect is accompanied by subsequent reversals and present in several international markets.
Author Autore, Don M.
Jiang, Danling
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Keywords Preholiday effect
Mood
G30
Market reaction
Market efficiency
Corporate announcements
G14
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Snippet We find that investors react more favorably to corporate announcements of share repurchases, SEOs, earnings, dividend changes, and acquisitions if the...
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SubjectTerms Corporate announcements
Market efficiency
Market reaction
Mood
Preholiday effect
Title The preholiday corporate announcement effect
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