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The Five-Day Workweek System and Investor Inattention on Friday Earnings Announcements: Evidence from Korea's Stock Market
https://doi.org/10.24545/00001283
https://doi.org/10.24545/00001283eb2176d3-f5f7-43c8-bbd7-122bef16511f
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
DP15-14.pdf (438.7 kB)
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| Item type | ディスカッションペーパー / Discussion Paper(1) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 公開日 | 2015-09-18 | |||||||||
| タイトル | ||||||||||
| タイトル | The Five-Day Workweek System and Investor Inattention on Friday Earnings Announcements: Evidence from Korea's Stock Market | |||||||||
| 言語 | en | |||||||||
| 言語 | ||||||||||
| 言語 | eng | |||||||||
| キーワード | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | investor inattention | |||||||||
| キーワード | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | workweek system | |||||||||
| キーワード | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | earnings announcements | |||||||||
| キーワード | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | Friday inattention | |||||||||
| キーワード | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | investor reaction | |||||||||
| 資源タイプ | ||||||||||
| 資源タイプ | technical report | |||||||||
| ID登録 | ||||||||||
| ID登録 (DOI) | 10.24545/00001283 | |||||||||
| ID登録タイプ | JaLC | |||||||||
| 著者 |
KIM, Tae Wook
× KIM, Tae Wook
× WIE, Dainn
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| 著者所属 | ||||||||||
| 値 | Tepper School of Business, Carnegie Mellon University | |||||||||
| 著者所属 | ||||||||||
| 値 | 政策研究大学院大学 / National Graduate Institute for Policy Studies | |||||||||
| 抄録 | ||||||||||
| 内容記述タイプ | Abstract | |||||||||
| 内容記述 | Do investors always allocate their attention properly? If not, what potentially drives investors inattention? This paper shows that work schedule can have an influence on the level of attention investors pay. Using the introduction of the five-day workweek system in financial sector of Korea in 2002 as a natural experiment, the paper suggests work schedule can be a key factor driving investor inattention to Friday earnings announcements. Our stock return analyses show stronger immediate response and weaker delayed response to Friday news under the six-day workweek system. The trend was, however, reversed under the five-day workweek system, showing more sluggish immediate response and stronger delayed response to Friday earnings announcements. These findings state that the trade-off between weekend distraction and additional working hours during weekend determines investors attention to Friday earnings announcements. | |||||||||
| 発行年 | ||||||||||
| 値 | 2015-09 | |||||||||
| 書誌情報 |
en : GRIPS Discussion Papers Report No. DP15-14, 発行日 2015-09-18 |
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| 出版者 | ||||||||||
| 出版者 | GRIPS Policy Research Center | |||||||||
| 言語 | en | |||||||||
| 関連サイト | ||||||||||
| 関連タイプ | isIdenticalTo | |||||||||
| 識別子タイプ | URI | |||||||||
| 関連識別子 | https://ideas.repec.org/p/ngi/dpaper/15-14.html | |||||||||
| 関連名称 | https://ideas.repec.org/p/ngi/dpaper/15-14.html | |||||||||
| 著者情報 | ||||||||||
| 内容記述タイプ | Other | |||||||||
| 内容記述 | https://www.grips.ac.jp/list/jp/facultyinfo/wie-dainn/ | |||||||||
| 著者版フラグ | ||||||||||
| 出版タイプ | AM | |||||||||
| 出版タイプResource | http://purl.org/coar/version/c_ab4af688f83e57aa | |||||||||
