scholarly journals Empirical Test of the Relationship Between Firm's Innovation, Accruals and Abnormal Stock Returns

2011 ◽  
Vol null (37) ◽  
pp. 205-236
Author(s):  
Ahn hong bok ◽  
Kwon Gee Jung
Keyword(s):  
Stock Returns ◽  
Empirical Test ◽  
Abnormal Stock Returns ◽  
The Relationship

scholarly journals The Relationship of Insider Trading Announcements, Ownership Structure and Corporate Governance: An Event Study Analysis of Athens Stock Exchange Market Technology Firms

2019 ◽  
Vol 11 (7) ◽  
pp. 13 ◽  
Author(s):  
Ioannis Antoniadis ◽  
Christos Gkasis ◽  
Stamatis Kontsas
Keyword(s):  
Corporate Governance ◽  
Stock Returns ◽  
Event Study ◽  
Insider Trading ◽  
Boards Of Directors ◽  
Stock Exchange ◽  
Time Windows ◽  
Abnormal Stock Returns ◽  
Athens Stock Exchange ◽  
The Relationship

In the present paper, the relationship between corporate governance mechanisms of a firm and stock returns triggered by insider trading announcements is examined. Event study methodology has been used to evaluate the influence of 636 insider trading announcements performed by executives of 14 listed firms in the Athens Stock Exchange, that operate in the technology sector, during the period 2007-2013. The relationship between cumulative abnormal stock returns (CARs), caused by the announcements, and corporate governance characteristics, was then examined for different time windows, both for sales and purchases of stocks by insiders. Our findings suggest that insider trading, especially in purchases, performed by CEOs and members of the Boards of Directors, has a significant effect on stock returns in the long run. More specifically concentrated ownership structures and control were found to have a negative/positive effect in abnormal stock returns of the firms only in long-term periods of time following the announcement of purchases/sales.

Firm opacity and informed trading around spinoffs

2018 ◽  
Vol 19 (3) ◽  
pp. 262-276 ◽  
Author(s):  
Yuan Wen
Keyword(s):  
Stock Returns ◽  
Design Methodology ◽  
Informed Trading ◽  
Options Market ◽  
Organizational Complexity ◽  
Content Type ◽  
Abnormal Stock Returns ◽  
Options Trading ◽  
The Relationship ◽  
Corporate Spinoffs

Purpose This paper aims to examine the prevalence of informed trading around corporate spinoffs and the relation between firm opacity and informed trading using option market data. Design/methodology/approach The author investigates the prevalence of informed trading by examining the relationship between abnormal stock returns associated with spinoffs and the volatility spread/volatility skewness of options prior to the spinoffs. Furthermore, the author examines how opacity and organizational complexity prior to the spinoffs affect informed trading. Findings The study shows that option volatility spread and volatility skewness for the five days prior to the spinoffs can predict the abnormal stock returns on the spinoff announcement days, suggesting that there is informed trading in the options market prior to spinoffs. The study shows that informed trading is more prevalent for firms that are more opaque prior to the spinoff. Furthermore, informed trading decreases after spinoffs. Originality/value To the best of knowledge, this is the first empirical research that examines the prevalence of informed trading around spinoffs by using options volatility spread/skewness and the relation between firm opacity and informed options trading.

scholarly journals THE WINDOW INFORMATION FOR INVESTOR ON ACCOUNTING PROFIT FORECASTING

2017 ◽  
Vol 3 (2) ◽  
pp. 193
Author(s):  
Ratna Wijayanti Daniar Paramita
Keyword(s):  
Stock Returns ◽  
Stock Exchange ◽  
Financial Statements ◽  
Manufacturing Companies ◽  
Response Coefficient ◽  
Abnormal Stock Returns ◽  
Analysis Application ◽  
Reported Earnings ◽  
The Relationship ◽  
Intervening Variables

<p>This study aimed to obtain empirical evidence, examine and explain he factors (leverage, persistence, growth, size and beta) that affect informativeness of earnings and its application in the financial statements at Manufacturing Companies listed in the Indonesia Stock Exchange 2013-2016. Research on the relationship between stock returns within come to determine the extent of their relationship are many who use earnings figures as the dependent variable regressed with stock returns as the independent variables are calculated by different methods. This method measures the magnitude of abnormal stock returns in response to the expected components of a company's reported earnings by using Earning Response Coefficient (ERC). Plan for data analysis in this study will be conducted using Path Analysis with analysis application of Moment Structure (AMOS).Conclusions of this study is significant influence of Leverage, Persistence profit and growth to Informativeness of earnings, either directly or through intervening variables Size and Beta.</p>

scholarly journals Corporate Name Changes: The Association Between Functional Name Characteristics And Stock Performance

2011 ◽  
Vol 8 (1) ◽  
pp. 110 ◽  
Author(s):  
Linda J. Morris ◽  
Mario G. C. Reyes
Keyword(s):  
Stock Returns ◽  
Explanatory Variable ◽  
Stock Performance ◽  
Name Change ◽  
Strategic Direction ◽  
Corporate Name Change ◽  
Abnormal Stock Returns ◽  
The Relationship ◽  
Name Changes

A well-chosen corporate name communicates much information and emotion to a firms publics. Despite the tremendous costs involved in a corporate name change, many corporations change names when pursuing a new strategic direction. In this study, we examine the relationship between functional name characteristics and stock performance around name change announcements. The results show that distinctiveness is the most important explanatory variable of abnormal stock returns.

scholarly journals Allocation of Funds from Public Offerings of Shares (IPO's) in Brazil and Stock Returns

2021 ◽  
Vol 9 (2) ◽  
pp. 46
Author(s):  
George André Willrich Sales ◽  
Rodolfo Leandro de Faria Olivo ◽  
Rodolfo Vieira Nunes ◽  
Fabiana Lopes da Silva
Keyword(s):  
Decision Making ◽  
Stock Returns ◽  
Abnormal Returns ◽  
Allocation Of Resources ◽  
Public Offerings ◽  
The Public ◽  
Data Survey ◽  
Abnormal Stock Returns ◽  
Public Offering ◽  
The Relationship

This study analyzes the relationship between the allocation of funds raised in a public offering of shares and abnormal profitability on the first day of trading. The objective is to identify whether the allocation of resources can be considered for the decision-making of investors. To measure the data, multivariate analysis was used, and the data survey considered the information from the prospectuses of the public offers and the announcements for the closing of the offers, between January 2007 and December 2011. Two hypotheses were tested: one in relation to allocation of resources and another in relation to the group of investors participating in the offer. The results show that there is no relationship between the allocation of resources and the abnormal returns of companies. However, for investors who are part of the company's management, they were related to abnormal stock returns on the first day of trading.

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