We find that investors react more favorably to corporate announcements of share
repurchases, SEOs, earnings, dividend changes, and acquisitions if the announcement is
made immediately prior to or on holidays. These announcements are associated with more
positive reactions for favorable events and less negative reactions for unfavorable events.
This effect is robust to controls for market conditions and a selection bias, is accompanied
by subsequent reversals, and is present in several international markets. Our findings
suggest that predictable individual mood changes can cause biases in market reactions to
firm-specific news.
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