Strategic News Releases in Equity Vesting Months

For helpful comments, we thank Kenneth Ahern, Steffen Brenner, Craig Brown, Jeff Coles, Wayne Guay, Tomislav Ladika, Tao Li, Margarita Tsoutsoura, Patrick Verwijmeren, Kent Womack, Jun Yang, conference participants at the Adam Smith Workshop in Corporate Finance, ASU Sonoran Winter Finance Conference, China International Conference in Finance, Drexel Conference on Corporate Governance, Erasmus Workshop on Executive Compensation and Corporate Governance, Finance Down Under Conference, SFS Cavalcade, Warwick Frontiers of Finance Conference, and seminar participants at London School of Economics, National University of Singapore, and University of Hong Kong. Goncalves- Pinto gratefully acknowledges financial support from Singapore MOE AcRF Tier-1 Grant No. R-315-000-094-133, and Xu gratefully acknowledges financial support from STICERD. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.