Abstract
We show that CEOs reallocate news releases into months in which their equity vests, and away from prior and subsequent months. CEOs release 7% more discretionary news in vesting months than in prior months, but there is no di fference for non-discretionary news. These vesting months are determined by equity grants made several years prior, and thus unlikely driven by the current information environment. Discretionary news releases in vesting months lead to favorable media coverage, suggesting they are positive in tone. They also generate a temporary run-up in stock prices and market liquidity, which the CEO exploits by cashing out shortly afterwards.
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