Using combinations of weekdays and times of day (before, during, and after trading hours) of
earnings announcements, we examine whether managers attempt to strategically time these …

We report reduced market response to Friday announcements of dividend changes,
seasoned equity offerings, share repurchases, earnings, and mergers, which is seemingly …

Using adverse-selection cost as a proxy for information asymmetry, we find evidence that
non-GAAP earnings numbers issued by management (pro forma earnings) and analysts …

This study investigates whether investors can reap economic benefits from analyzing
differences in analyst quality. Although high-quality analysts' average forecast is more …

This paper examines the role of CEO integrity in determining whether a company's earnings
benchmarks will be met, beaten or missed. Prior literature provides evidence that managers …

We find that the market's focus on the consensus earnings forecast and not differentiating
among analysts according to their quality has significant negative economic implications …

We find that investors are fixated on analysts' consensus outputs (earnings forecasts,
recommendations, and forecast dispersion), which can be inferior signals compared to the …

We report reduced market response to Friday announcements of dividend changes,
seasoned equity offerings, and stock repurchases, which, together with studies that …