n Management Dynamics : Journal of the Southern African Institute for Management Scientists - "I wish it were Friday" : do analysts and investors get distracted at the end of the week?

Volume 24, Issue 3
  • ISSN : 1019-567X



This study explores whether investors and analysts might be less attentive at the end of the week for a variety of reasons, including being distracted by the coming weekend or having other information that competes with relevant financial information for their attention. A database containing 22 626 recommendations over the 2000-2011 period was analysed to compare analyst and investor activity on Fridays with their activity during the rest of the week. Analyst activity on Fridays was generally higher than during the week, although it was the highest on Mondays - possibly because they had more time to reflect over the weekend. Analysts issued more positive recommendations on Fridays than during the three preceding days, and issued a higher proportion of negative recommendations on the weekdays with the lowest overall activity. Investors exhibited lower levels of attention on Fridays, and reacted most strongly to analysts' opinions on Tuesdays.

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