Edmans, Alex; Goncalves-Pinto, Luis; Wang, Yanbo; Xu, Moqi - C.E.P.R. Discussion Papers - 2014
vesting months are determined by equity grants made several years prior, and thus unlikely driven by the current information … environment. CEOs reallocate news into vesting months, and away from prior and subsequent months. They release 5% more … discretionary news in vesting months than prior months, but there is no difference for non-discretionary news. These news releases …