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| Author: | Fernández, B.C. Callén, Y.F. Gadea, J.A.L. |
| Title: | Stock price reaction to non-financial news in European technology companies |
| Journal: | European Accounting Review
2011 : VOL 20:1 p. 81-111 |
| Index terms: | news reporting Europe information technology investors stock markets |
| Language: | eng |
| Abstract: | This article examines investors' valuation of non-financial corporate news items issued by European companies in ICT industry. The stock market reaction to the publication of press releases on a sample of 145 companies (2003-2005) is analyzed. Results suggest that investors react positively to information concerning a firm's capacity to consolidate its position, diversify and grow, and negatively to information about new product launches and upgrades. It is also found that investors in companies with a strong market position and growth prospects highly value information on takeovers and internalization. |
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