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We investigate the relationship between a firm's degree of social responsibility and its performance. To accomplish this objective, we examine the stock market reaction to the announcement of Fortune magazine's list of 100 Best Companies to Work For over the 1998 to 2003 period. We find...
Persistent link: https://www.econbiz.de/10014062623
This paper examines the short-term influence of CSR-relevant news on the enterprise value in the form of respective shareholder value, which is represented by the corresponding stock price. This effect is measured using an event study applied to companies in the “Austrian Traded Index”...
Persistent link: https://www.econbiz.de/10012039710
Using a unique data set, I study how stock markets react to positive and negative events concerned with a firm's corporate social responsibility (CSR). I show that investors respond strongly negatively to negative events and weakly negatively to positive events. I then show that investors do...
Persistent link: https://www.econbiz.de/10013063591
This study analyzes the effect of changes in corporate control on the way shareholders benefit from the announcements of selling and buying airlines, thus contributing to the literature on mergers and acquisitions (M&As) in emerging markets. Using a methodology of event study, including GARCH...
Persistent link: https://www.econbiz.de/10013029644
The popularity of sustainable investments is unbroken and attracts investors and researchers alike. Modelling the properties of such 'green' firms, Pástor, Stambaugh, and Taylor 2021 consider a hedge against climate risks in their theoretical model. Likewise, it could be assumed that companies...
Persistent link: https://www.econbiz.de/10013255954
Recently, investors' growing awareness of environmental concerns has prompted many businesses to implement green policies and procedures. Investors' reactions to firms' environmental efforts vary across different industries. However, few empirical studies have addressed these differences,...
Persistent link: https://www.econbiz.de/10013500966
Under the influence of the western world, the solar New Year celebration seems to have fascinated everyone in Taiwan with the lunar New Year festivity showing much less vigor. This paper examines the impact of the solar and lunar New Years on the stock market of Taiwan, showing that the lunar...
Persistent link: https://www.econbiz.de/10011487735
Tax minimization strategies may lead to significant tax savings, which could, in turn, increase firm value. However, such strategies are also associated with significant costs, such as expected penalties and planning, agency, and reputation costs. The overall impact of firms' tax minimization...
Persistent link: https://www.econbiz.de/10011447027
Due to the non-normality of stock returns, nonparametric rank tests are gaining accceptance relative to parametric tests in financial economics event studies. In rank tests, financial assets’ multiple day cumulative abnormal returns (CARs) are replaced by cumulated ranks. This paper proposes...
Persistent link: https://www.econbiz.de/10013168738
From the beginning of 2020, the whole world has been shaken by a contagious disease called Covid-19, its actual name being SARS-CoV-2. It first appeared in China, in Wuhan, Hubei Province, in December 2019, and the World Health Organization (WHO) was informed about it on the 31st of December...
Persistent link: https://www.econbiz.de/10013170226