This paper presents an event study of business signaling through electronic commerce announcements during fluctuating financial markets. This topic is of unique and substantial importance. If there are abnormal returns on an eCommerce initiative, and these returns are different during bull and bear markets, then we know that the markets value these investments, but the value is subjective rathe...

This study sheds new light on the cross-sectional effects of inflation, which have substantial implications for stock valuation. I use financial statement analysis to examine systematic stockvaluation effects of aggregate price-level changes on individual companies, focusing on the implications for both researchers and investment practitioners. I develop inflation-adjustment procedures that are...

This paper examines how the Asian and Russian crises affected different types of firms around the world. It constructs a new data set of financial statistics, industry information, geographic data, and stock returns for over 10000 companies in 46 countries. Results show that firms competing with exports from the crisis countries, or with direct sales exposure to the crisis countries, had signif...

Beating the market is impossible, according to efficient hypothesis (EMH), because existing share prices always encompass and represent all relevant information. An builds boldness of investors. It states that no individual investor can attain abnormal returns on announcement any information exchange quickly adjusts itself new The main purpose this study investigate impact union budget 1st Feb ...

We examine whether rational investor responses to information uncertainty explain properties of and returns to accounting-based trading anomalies. We proxy for information uncertainty with two measures of earnings quality: the standard deviation of the residuals from a Dechow and Dichev [2002] model relating accruals to cash flows, and the absolute value of performanceadjusted abnormal accruals...

This paper analyses the explanatory power of frequency abnormal returns in FOREX over period 1994–2019. The following hypotheses are tested: is asignifi...

The role of abnormal trading volume on Italian Stock Market is here investigated. According to Fama’s definition of Market Efficiency, no relevancy is left for trading volume. Prices fully reflect all the firm information, so that extra trading investor’s activity cannot have any informative power. In this paper, it is supposed that abnormal volumes can be considered as a signal for informed tr...

In a 2008 survey of 522 computer security professionals, the Computer Security Institute found an average reported cost close to $500,000 for those companies that experienced a financial fraud. A survey of potential cloud computing adopters show that security and privacy are the primary concerns for not using the cloud. The present research conducts an event study to investigate the impact of p...

The paper shows that controlling for the aggregate volatility risk factor eliminates the puzzling negative relation between variability of trading activity and future abnormal returns. I find that variability of other measures of liquidity and liquidity risk is largely unrelated to expected returns. Lastly, I show that the low returns to firms with high variability of trading activity are not e...