Experienced management from public companies that are very crafty and slick who wish to hide SEC disclosure file any unfavorable news on Friday Nights when everyone is away knowing that when the new week starts, last week's news is buried. Michelle Leder of @Footnoted coined Friday Night Filings as the #FridayNightDump
Journal of Accounting and Economics published research by professors from Cornell University and Simon Fraser University unveiling statistics of Friday Night Filers.
Michelle Leder of *Footnoted is one of the best follows on all
"AbstractUsing combinations of weekdays and times of day (before, during, and after trading hours) of earnings announcements, we examine whether managers attempt to strategically time these announcements. We document that the worst earnings news is announced on Friday evening and find robust evidence that only Friday evening announcements represent managers’ rational opportunistic behavior. Friday evening announcements are followed by insider trading in the direction of earnings news and the largest post-earnings announcement drift. Managers also attempt to reduce interaction with investors and hide more than just earnings news by announcing on Friday evening. We find that Friday evening announcements occur later in the evening than announcements on other evenings, firms have a reduced propensity to hold conference calls, and major firm restructuring events are relatively more likely to occur after Friday evening announcements."
of Twitter. Every Friday night she posts about public
companies who sneak in SEC filings before the
weekend,.... sometimes to simply avoid being noticed.
July 10,2015 report:
When is the Best Time to Hide Earnings News?
Tweets by @footnoted