Abstract This paper explores price (momentum and contrarian) effects their timing parameters on the days characterised by abnormal returns following ones in two commodity markets. Specifically, using daily gold oil data over period 01.01.2009–31.03.2020 hypotheses are tested: (H1) there is a time gap between detection of an return day end that day, (H2) after occur; (H3) 1-day have identifiable...

When corporate insiders sell their stock in quantities that deviate from firm-specific trends, their trades are more likely to precede bad news over a horizon of several months, but not in the short run. This is consistent with insiders avoiding “suspicious timing” when engaging into “suspicious amounts” of trading, the combination of which would likely result in Rule 10b-5 securities lawsuits....

During the 1990s, concerns that nonprofit (NP) hospitals were being sold at below-market prices to investor-owned (IO) chains helped to prompt the widespread adoption of state laws regulating the sale and conversion of nonprofits. In this paper, we provide a simple test of under-pricing using the IO acquirer's abnormal stock market returns at the time of the acquisition. Prior to regulation, we...

The event study is an important methodology in management research that enables the assessment of value attributable to firm initiatives based on the responses of capital markets to news about firm actions. While capital markets are efficient in processing information about firms, their ability to rapidly determine future benefit streams linked to initiatives involving novel information technol...

T study examines whether user-generated content (UGC) is related to stock market performance, which metric of UGC has the strongest relationship, and what the dynamics of the relationship are. We aggregate UGC from multiple websites over a four-year period across 6 markets and 15 firms. We derive multiple metrics of UGC and use multivariate time-series models to assess the relationship between ...

Empirical studies have analyzed how investors trade and perform in the financial markets. The studies show that rational trading needs do not explain the excessive manner of trading shown by the investors. Theoretical models offer overconfidence as one of the explanations for irrational trading behavior. Overconfidence is a psychological trait, argued to cause the investors to misinterpret usef...

This research aims to find further empirical evidence of the connection environmental disclosure with share price. We took into consideration potential investor doubt on company ESG disclosure. considered because potentially biased reporting from management predicted by agency theory and attempted study effects when this is removed external recognition company's disclosures. Abnormal returns co...

This paper explores the relationship between founding family ownership and stock market returns. Using the entire population of non-financial firms listed on the Swiss stock market for 2003–2013, we find that the stock returns of family firms are significantly higher than those of non-family firms after adjusting the returns for different risk factors and firm characteristics. Family firms gene...