Contents
Intraday timing of management forecasts : are disclosures after trading hours effective? / 권수영 ; 주현정 ; 황문호 1
Abstract 1
개요 2
I. Introduction 2
II. Literature Review and Hypotheses 5
2.1. Studies on Timing of Corporate Disclosures 5
2.2. Hypotheses Development 7
III. Research Design 9
3.1. Timing of Management Forecast Disclosures 9
3.2. Nature of Management Forecasts 9
3.3. Market Responses to Management Forecast Releases 10
3.4. Model Specification 11
IV. Sample and Descriptive Statistics 12
4.1. Sample Selection Procedures 12
4.2. Descriptive Statistics 14
V. Empirical Results 15
5.1. Test of Disclosure Timing of Management Forecasts 15
5.2. Market Responses Behavior to Disclosures of Management Forecasts after the Market Closes 17
5.3. Magnitude of abnormal returns to management forecasts: During trading vs. after the close of trading 19
5.4. Timing of price changes to management forecasts: During trading vs. after the close of trading 24
VI. Additional Analysis: Test of Disclosure Timing to Reduce Information 27
VII. Conclusion 28
References 29