Purpose: The purpose of this paper is to examine stock market reactions and liquidity effects following the first bank loan announcement of zero-leverage firms. Design/methodology/approach: The authors use an event studies methodology in both a univariate and multivariate framework. The authors...

We conduct an event study around the earning announcement to examine the asymmetric post earnings announcement drift, and its relationship with the order follow imbalance on post earnings announcement period. The earning drift is significantly asymmetric, stocks with good news have less drift,...

Using a sample of 219 firms listed on the FTSE 350 index from 2000-2022, we discover that both the PEAD and price asymmetry effect is stronger for firms around the earning announcement period. Price continuations (reversals) following buys (sales) are present, asymmetric price impact exists for...