haku: @author Brookfield, D. / yhteensä: 3
viite: 3 / 3
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| Tekijä: | Brookfield, D. Morris, R. |
| Otsikko: | The market impact of UK company news announcements. |
| Lehti: | Journal of Business Finance and Accounting
1992 : JUN, VOL. 19:4, p. 585-602 |
| Asiasana: | TAX IMPACT UNITED KINGDOM SHARE PRICES BUSINESS INFORMATION STATISTICAL METHODS |
| Kieli: | eng |
| Tiivistelmä: | This paper reports a study of the impact of a sample of 780 news announcements on the residual share prices of 25 UK companies. The tests used are the Patell measures of abnormal movements of the average and variance of unsigned residuals and the rankings of the former. With respect to interim and preliminary earnings announcements, the results are similar to those of other studies, suggesting that they contain significant residual information which is absorbed rapidly by the market. Reaction to other news releases (concerning such matters as redundancies , the award of contracts, etc.) is rather weaker, but nevertheless implies such information is useful to analysts and quickly impounded into share prices as investor expectations are continuously revised. |
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