Better and Better Day 1
Suppose you are the CEO of a listed company ,and you now have bad news in the company ,there is noway ,you have to make it public .Which date would you most like to announce ?The answer is Friday .On Friday ,everyone is eager to go home ,and all the attention is drawn to the coming weekend.In addition ,the stock market will be closed in the weekend ,there is much less reaction to the news and much smaller price shock .In a paper published in the Financial Journal in the late 1980s,the author found that market prices reacted 15% less than other days ,and trading volumes were 8% lower ,whenever news was announced on Friday .This is Friday Effect ,which is led by limited attention of human being .
假設你是一家上市公司的CEO，你的公司現在有個壞消息，必須得公佈了。你最應該挑哪個日子公佈？答案是週五。週五的時候，大家都急切地盼望回家，所有的注意力都被即將到來的週末吸引，再加上週末股市要休市，對很多消息的反應要遲鈍很多，對價格的衝擊也小很多。在80年代末《金融學期刊》的一篇論文上，作者就發現，只要是週五公佈的消息，市場價格反應比其他日子低15%，交易量低8%，這就是“週五效應”，它是由人類的有限注意力導致的。
August 25th,2018
Bazhou.
