Strategic timing of earnings announcements?

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    Using firm-specific regressions, I show that earnings response coefficient differ across firms. However, there is no evidence of differential earnings response coefficient to a certain earnings announcement time. By switching to a different announcement time from its preferred time, a firm does not gain a softer market reaction. I compare research results from a firm-specific method and from a pooled time-series and cross-sectional method and demonstrate that they differ significantly due to large heterogeneity across firms. I suggest that researchers should adopt a firm-specific approach to avoid misleading results and to achieve improved estimations.
    Original languageEnglish
    Pages (from-to)719 - 738
    Number of pages20
    JournalAccounting & Finance
    Issue number3
    Publication statusPublished - 2010

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