Friday Earnings Announcement Effect in the Finnish Stock Market
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Bachelor's thesis
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Date
2024
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Mcode
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Rahoitus
Language
fi
Pages
17 + 7
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Abstract
This study explores whether investor attention affects stock returns in the Finnish stock market. I examine how the stock market reacts to earnings announcements, particularly on Fridays, when investor attention tends to be lower. If investor attention impacts stock prices, I expect to see a lesser immediate reaction and a greater delayed response to Friday announcements. However, my analysis of Finnish stock market data shows that Friday earnings surprises do not result in reduced immediate market reactions. Surprisingly, I find that initial responses are higher and delayed responses are lower for Friday announcements, which contradicts previous findings. These findings do not support the hypothesis that investors would be more inattentive on Fridays.Description
Thesis advisor
Kokkonen, JoniKeywords
behavioral finance, earnings announcements, post-earnings announcement drift, Finland, Friday