A new study published by Matthew Magilke of the University of Utah and Jeffrey T. Doyle of Utah State University suggests that public companies don't time their earnings releases based on how favorable or unfavorable the numbers might be.
This flies in the face of what most observers -- myself included --- have noticed. Unless there's some very rigid schedule for earnings releases, most companies prefer to dump bad news on Friday afternoons -- and if there's a three-day weekend coming up, then that's even better.
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