Do Investors React Differently on Friday’s Earnings Announcements?

This paper examines whether markets react differently to earnings announcements released on Fridays versus non‑Fridays in the Malaysian capital market. We use a standard event study method using a market-adjusted return model to examine such differences based on a sample of 120 earnings announcements. The results show that announcements of profits released by companies on Fridays have a negative effect on stock prices while announcements of losses are associated with positive effects. These results contrast with the results observed when the earnings announcements are released on non- Friday, thus confirming that such differences exist in the Malaysian capital market