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Political news and stock market reactions : evidence from Turkey over the period 2008-2017
Karime, Sleiman; Sayilir, Özlem - In: International journal of management and economics 55 (2019) 2, pp. 83-98
volatility of Borsa Istanbul 100 Index (BIST-100). Sample data cover the period from January 2008 to December 2017. The main … nonlinear volatility models (symmetric and asymmetric Generalized AutoRegressive Conditional Heteroskedasticity [GARCH …]-type models) were used to model and estimate BIST-100 volatility in response to political news. The findings of the paper …
Persistent link: https://www.econbiz.de/10012131511
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Firm-specific news and idiosyncratic volatility anomalies : evidence from the Chinese stock market
Hoang Van Hai - In: Cogent economics & finance 10 (2022) 1, pp. 1-21
In this paper, we examine the relationship between idiosyncratic volatility and future returns around the firm … volatility is more strongly negative compared to news idiosyncratic volatility. Such findings imply that limited arbitrage cannot … fully explain the negative pricing of idiosyncratic volatility in the Chinese stock market. These results are robust after …
Persistent link: https://www.econbiz.de/10014500235
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Policy Uncertainty, Bad News Disclosure, and Stock Price Crash Risk
Kim, Jeong-Bon; Tseng, Kevin; Wang, Jundong (Jeff); Xi, … - 2021
This paper documents that policy uncertainty reduces future stock price crash risk. Our tests show that this negative relation is more pronounced among firms with more short-sale constraints, with no actively traded credit default swap contracts, or with higher firm-level political risks. The...
Persistent link: https://www.econbiz.de/10013243260
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Earnings Announcements in China : Overnight-Intraday Disparity
Liu, Junhao; Hope, Ole-Kristian; Hu, Danqi - 2023
Based on a unique arrangement of trading and disclosure times around earnings announcements in the Chinese stock market, we provide evidence of a striking overnight-intraday disparity in terms of the reaction to earnings news. Specifically, we find that the overnight period exhibits a strong and...
Persistent link: https://www.econbiz.de/10014348722
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Insider Stock Pledges and Shareholder Wealth
Pan, Xiaofei; Qian, Meijun - 2021
While pledging shares as collateral for personal loans is commonly practiced in many countries that protect minority shareholders, the empirical evidence has shown only its value destruction to shareholders. This paper offers an (partial) explanation of this puzzle by documenting a positive...
Persistent link: https://www.econbiz.de/10013245042
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Do Investors See Value in Ethically Sound CEO Apologies? Investigating Stock Market Reaction to CEO Apologies
Koehn, Daryl; Goranova, Maria L. - 2017
Since the late 1990s, the number of apologies being offered by CEOs of large companies has exploded. Communication and management scholars have analyzed whether and why some of these apologies are more effective or more ethical than others. Most of these analyses, however, have remained at the...
Persistent link: https://www.econbiz.de/10014121225
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Announcements effect of corporate bond issuance and its determinants
Chin, Sze Kim; Abdullah, Nur Adiana Hiau - In: Contemporary economics 7 (2013) 1, pp. 5-18
This study aims to investigate the effect of bond issuance announcements and to determine the company characteristics that could influence this effect. The findings reveal positive cumulative average abnormal returns following bond issuances, indicating that the market considers bond offers to...
Persistent link: https://www.econbiz.de/10009770381
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Analysts’ Over-Optimistic Bias – From the Asymmetric Market Reaction to the Recommendations
Li, Tao - 2020
The paper documents evidence regarding the asymmetric short-term market reactions to analysts' recommendations, in which the favorable recommendations consistently underperform the corresponding unfavorable recommendations across ratings and revisions. This market reaction asymmetry is...
Persistent link: https://www.econbiz.de/10012854477
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Hang in There : Stock Market Reactions to Withdrawals of COVID-19 Stimulus Measures
Chan-Lau, Jorge A.; Zhao, Yunhui - 2021
The COVID-19 pandemic prompted unprecedented economic stimulus worldwide. We empirically examine the impact of a withdrawal of fiscal stimulus policies on the stock markets. After constructing a database of withdrawal events, we use event study analysis and cross-country regressions to assess...
Persistent link: https://www.econbiz.de/10013250077
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Hang in There : Stock Market Reactions to Withdrawals of COVID-19 Stimulus Measures
Chan-Lau, Jorge A.; Zhao, Yunhui - 2021
The COVID-19 pandemic prompted unprecedented economic stimulus worldwide. We empirically examine the impact of a withdrawal of fiscal stimulus policies on the stock markets. After constructing a database of withdrawal events, we use event study analysis and cross-country regressions to assess...
Persistent link: https://www.econbiz.de/10013251440