Object

Title: Firm-Specific Biases in the Capital Markets' Response : an Empirical Evidence for the NYSE and the LSE

Title in english:

Zniekształcenia pomiaru reakcji rynku kapitałowego - studium empiryczne dla nowojorskiej i londyńskiej giełdy papierów wartościowych

Creator:

Czapiewski, Leszek ; Lizińska, Joanna

Description:

Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu = Research Papers of Wrocław University of Economics; 2010; Nr 138, s.17-27

Abstrakt:

Firms announcing splits or acquiring other companies usually have some common characteristics that can be expressed by a market or book value or are explained by financial ratios. We conduct an event study over the trading period between 1985 and 2008 for the New York Stock Exchange and the London Stock Exchange. For randomly selected event dates, securities are randomly chosen from sub-samples of firms that have similar characteristics. Mean abnormal returns that are significantly different from zero are observed for some characteristic-based subsamples. As significant mean forecast biases exist, it is suggested that results of event studies for samples when firms share some common characteristics should be concluded very cautiously.

Publisher:

Publishing House of Wrocław University of Economics

Place of publication:

Wrocław

Date:

2010

Resource Type:

artykuł

Resource Identifier:

oai:dbc.wroc.pl:119522

Language:

eng

Relation:

Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu = Research Papers of Wrocław University of Economics; 2010; Nr 138 ; Financial Sciences, vol. 5

Rights:

Wszystkie prawa zastrzeżone (Copyright)

Access Rights:

Dla wszystkich w zakresie dozwolonego użytku

Location:

Uniwersytet Ekonomiczny we Wrocławiu

Coverage:

Dofinansowano z programu "Społeczna odpowiedzialność nauki" Ministra Edukacji i Nauki (SONB/SP/546390/2022). Tytuł projektu: Upowszechnienie zawartości czasopisma Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu

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