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.
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