| dc.description.abstract | We use quarterly earnings announcements, analyst estimates, and daily equity data from
the Oslo Stock Exchange to analyze if investors are less attentive on Fridays. We test this
market anomaly with the following hypotheses: (1) Fridays have lower immediate and
higher delayed abnormal returns after earnings announcements than other weekdays; and
(2) Fridays have lower immediate abnormal turnover after earnings announcements than
other weekdays. We do not find that there is a significantly different reaction to Friday
announcements, neither for abnormal return nor turnover. Thus, we cannot conclude
that investors are less attentive on Fridays. However, this relationship is not constant
over time. We find that there was a significantly delayed response to Friday earnings
announcements in the period 2005 to 2008. | en_US |
