Weekdays vs. weekends: How reporting timing influences the sentiment of annual reports

IF 7.1 2区 经济学 Q1 BUSINESS, FINANCE
Levent Çinko , Abdullah Kürşat Merter , Yavuz Selim Balcıoğlu , Sedat Çerez , Gökhan Alataş
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引用次数: 0

Abstract

This study examines the impact of financial disclosure timing on the sentiment of corporate reports within an emerging market context. Leveraging a comprehensive dataset covering quarterly reports from all firms listed on Borsa Istanbul between 2018 and 2023, we categorized firms into three groups: firms transitioning disclosures from weekdays to weekends, from weekends to weekdays, and firms maintaining consistent disclosure timing. Utilizing XLNet sentiment analysis on this extensive dataset, we uncovered robust sentiment patterns linked to disclosure timing. Our findings align with investor inattention and strategic disclosure theories, showing that managers prefer weekdays for positive announcements to maximize attention, while relegating negative news to weekends. Moreover, a comparative analysis across pre-pandemic, pandemic, and post-pandemic periods indicated that these disclosure timing effects intensified during the COVID-19 crisis. The study highlights strategic managerial behavior in disclosure timing, providing insights that are likely to be of significance for investors, stakeholders and regulators in emerging markets.
工作日与周末:报告时间如何影响年度报告的情绪
本研究考察了在新兴市场背景下财务披露时机对公司报告情绪的影响。利用涵盖2018年至2023年在伊斯坦布尔证券交易所(Borsa Istanbul)上市的所有公司季度报告的综合数据集,我们将公司分为三组:从工作日到周末、从周末到工作日披露的公司,以及保持一致披露时间的公司。利用XLNet对这个广泛数据集的情绪分析,我们发现了与披露时间相关的稳健情绪模式。我们的研究结果与投资者注意力不集中和战略披露理论相一致,表明管理者更喜欢在工作日发布积极消息,以最大限度地提高注意力,而把负面消息推到周末。此外,对大流行前、大流行和大流行后时期的比较分析表明,在2019冠状病毒病危机期间,这些披露时间效应加剧。该研究强调了披露时机方面的战略管理行为,提供的见解可能对新兴市场的投资者、利益相关者和监管机构具有重要意义。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
7.60
自引率
3.80%
发文量
130
审稿时长
26 days
期刊介绍: Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations
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