JOURNAL OF ACCOUNTING AND FINANCE
Voluntary Disclosure Timing and Market Attention around Mergers and Acquisitions
Author(s): Jing Wang, Wensheng Kang
Citation: Jing Wang, Wensheng Kang,(2017) "Voluntary Disclosure Timing and Market Attention around Mergers and Acquisitions," Journal of Accounting and Finance, Vol. 17, Iss. 5, pp.28-43
Article Type: Research paper
Publisher: North American Business Press
The study investigates the disclosure timing strategy of acquiring firms around mergers and acquisitions (M&A). We find that management strategically chooses the timing in announcing different events during the M&A process. Firms are more likely to announce their M&A plans on Mondays than on other weekdays to attract investor attention. Management strategically chooses the timing for the M&A resolutions depending on the nature of M&A resolutions and the market favorability of the proposed transactions. Investor sentiment does not significantly affect the management strategic disclosure timing activities in the M&A process.