because of the heterogeneity in behavior, in the real world prices may deviate substantially and persistently from their fundamental values. of course, if these heterogeneous elements play a rather minor role then asset prices and rates of return will be determined mainly by economic fundamentals and rational behavior. by observing actual behavior in the stock market one can seek to isolate pro...

The announcement of the Luxury Goods Value Added Tax Incentive policy (PPnBM) is an economic phenomenon that used in studying capital market reactions. research aims to empirically examine whether or not there a significant abnormal return and trading volume activity before after PPnBM policy. This type event study using quantitative approach. sample was selected by purposive sampling method, n...

We study the corporate governance portability from bidders to targets in Mergers and Acquisitions its impact on bidder announcement returns. find that bidder’s cumulative abnormal returns are higher acquisitions where quality exceeds of target. This result suggests a positive valuation effect for shareholders resulting good firm targets. also this is stronger when domiciled countries with bette...

We find that IPOs with high expected skewness experience significantly greater first-day returns. The skewness effect is stronger during periods of high investor sentiment and is related to differences in skewness across industries as well as time-series variation in the level of skewness in the market. IPOs with high expected skewness earn more negative abnormal returns in the following one to...

T study documents that the abnormal stock returns are negative before unscheduled executive option awards and positive afterward. The return pattern has intensified over time, suggesting that executives have gradually become more effective at timing awards to their advantage, and possibly explaining why the results in this study differ from those in past studies. Moreover, I document that the p...

This study examines how individual investor trade in response to quarterly earnings surprises and the relation of trades to subsequent returns. Individuals are highly significant net buyers after negative earnings surprises; net buying is weaker after positive surprises. There is no indication that trading by any of our investor subcategories explains the concentration of drift at subsequent ea...

ciency hypothesis by Fama (1970), Fama and French (1989) argue that stock market returns are predictable. There is also evidence of the predictability in the cross section of stock returns, which casts doubt on the widely accepted CAPM by Sharpe (1964) and Lintner (1965). In particular, Fama and French (1992, 1993) report that value stocks, stocks of high book-to-market value ratio, have much h...

The COVID-19 Pandemic has had an unprecedented impact on how employees and employers operate. Employees, directly affected by workplace changes, may provide information regarding future efficiencies. As a result, crowdsourced employee satisfaction (ES) reviews mentioning the contain useful profitability of these firms. We utilize specific ES obtained from Glassdoor.com to determine abnormal sto...

ciency hypothesis by Fama (1970), Fama and French (1989) argue that stock market returns are predictable. There is also evidence of the predictability in the cross section of stock returns, which casts doubt on the widely accepted CAPM by Sharpe (1964) and Lintner (1965). In particular, Fama and French (1992, 1993) report that value stocks, stocks of high book-to-market value ratio, have much h...

This study examines the stock return responses to the announcements of foreign direct investments (FDI) by Singapore companies. The standard event study methodology is used to ascertain the abnormal returns around the announcement day (day 0). The study covers the period from 1989 to 1994 with a sample size of 70 events. The announcement effect is positive and significant around the announcemen...