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Return and Volatility Reactions to Monthly Announcements of Business Cycle Forecasts: An Event Study Based on High-Frequency Data
Steiner, Christian; Groß, Anne; Entorf, Horst - 2009
This article contributes to the literature on macroeconomic announcements and their impact on asset prices by investigating how the 15-second Xetra DAX returns reflect the monthly announcements of the two best known business cycle forecasts for Germany, i.e. the ifo Business Climate Index and...
Persistent link: https://www.econbiz.de/10010298727
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Verified emissions and stock prices: Is there a link? - An empirical analysis of the European Emission Trading Scheme
Schmidt, Peter S.; Werner, Therese - 2012
This study examines the relation of stock returns and the announcements on verified emissions in the European Emission Trading Scheme (EU ETS). In a first step we employ event study methods to detect possibly abnormal returns on the respective announcement dates using a sample of quoted stock...
Persistent link: https://www.econbiz.de/10011753229
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How Effective is European Merger Control?
Duso, Thomas; Gugler, Klaus; Yurtoglu, Burcin B. - 2011
This paper applies an intuitive approach based on stock market data to a unique dataset of large concentrations during the period 1990-2002 to assess the effectiveness of European merger control. The basic idea is to relate announcement and decision abnormal returns. Under a set of four...
Persistent link: https://www.econbiz.de/10010333760
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On the Obligation to Provide Environmental Information in the 21st Century – Empirical Evidence from Germany
Massier, Philipp; Römer, Daniel - 2012
In this paper, we study the effectiveness of environmental information disclosure as a regulatory instrument. In particular we analyze its impact when environmental regulation is already advanced. Using German stock market data, we are able to identify the impact of the European Pollutant...
Persistent link: https://www.econbiz.de/10011422236
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Der Einfluss von Diversifikationsstrategien auf den Aktienkurs deutscher Unternehmen
Rustige, Marc; Grote, Michael H. - 2008
Sowohl die Diversifikation als auch die Fokussierung von Unternehmensaktivitäten werden häufig mit der Maximierung des …
Persistent link: https://www.econbiz.de/10010269735
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The Economic Impact of Olympic Games: Evidence from Stock Markets
Dick, Christian D.; Wang, Qingwei - 2008
By means of an event study of stock market reactions to the announcement of the Olympic Games host cities, we find a significant and positive announcement effect of hosting the Summer Games, with a cumulative abnormal return of about 2% within a few days. We do not find any significant results...
Persistent link: https://www.econbiz.de/10010298071
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Do markets love misery? Stock prices and corporate philanthropic disaster response
Muller, Alan; Kräussl, Roman - 2007
While companies have emerged as very proactive donors in the wake of recent major disasters like Hurricane Katrina, it remains unclear whether that corporate generosity generates benefits to firms themselves. The literature on strategic philanthropy suggests that such philanthropic behavior may...
Persistent link: https://www.econbiz.de/10010298393
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Reservations on the use of event studies to evaluate economic policy
Beigi, Maryam H. A.; Budzinski, Oliver - In: Intereconomics 48 (2013) 3, pp. 174-179
Event studies represent an increasingly popular method to evaluate the welfare effects of economic policy decisions. The basic idea is that stock market reactions to the announcement of policy decisions contain superior information about the welfare effects of these decisions. This paper...
Persistent link: https://www.econbiz.de/10011307032
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Do banks diversify loan portfolios? A tentative answer based on individual bank loan portfolios
Kamp, Andreas; Pfingsten, Andreas; Porath, Daniel - 2005
this end we measure diversification for all German banks in the period from 1993 to 2002. As measures we use a broad set of … naive diversification across all industries or, alternatively, the economy's industry structure. With this framework our … in this context innovative group of distance measures. We find that different statistical measures of diversification may …
Persistent link: https://www.econbiz.de/10010295896
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Does diversification improve the performance of German banks? Evidence from individual bank loan portfolios
von Westernhagen, Natalja; Porath, Daniel; Hayden, Evelyn - 2006
Should banks be diversified or focused? Does diversification indeed lead to enhanced performance and, therefore … banks? profitability (ROA) and their portfolio diversification across different industries, broader economic sectors and … performance benefits associated with diversification since each type of diversification tends to reduce the banks? returns …
Persistent link: https://www.econbiz.de/10010295912