Surely that gets factored into the price at the time of the...

Surely that gets factored into the price at the time of the announcement?

I actually can't think of the psychology here:

- does it become more and more likely the more imminent/closer we are to end of year hence share price rises then if the expectation isn't met, share price drops OR

- does it become less and less likely the closer we are to year end because there's less time for an announcement to be released so the share price should fall as we near the date if nothing is said?

Anyone with prior experience in similar situations keen to share knowledge?