• 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Baltic Journal of Management >Public announcement induced market reactions on Baltic stock exchanges
【24h】

Public announcement induced market reactions on Baltic stock exchanges

机译：公开公告引起了波罗的海证券交易所的市场反应

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

Purpose – The purpose of this paper is to determine to what extent economically significant stock return and volume changes on Tallinn, Riga and Vilnius Stock Exchanges (TSE, RSE, VSE) are contributable to public announcements disclosures and which types of announcements drive these. Design/methodology/approach – Event-study methodology was used to determine economically significant return and volume events. Findings – It was found that 22-37 per cent of return or volume events explained by public announcements was twice lower than reported in the UK. The greatest frequency of disclosures was attributable to financial disclosures as could be expected. Although, previous research indicates bigger magnitude of reaction to financial news, it was not observed in case of public announcements. Whereas, the magnitude of reactions on VSE was greater than reported on TSE and RSE, which indicates that VSE differs from TSE and RSE in its information processing. Research limitations/implications – Firstly, all other mediums of disclosure besides public announcements are excluded. Secondly, the focus on public announcements discards all other factors that could induce market reactions. Thirdly, investors are assumed to act rationally. Originality/value – The relative importance of different news items in inducing market reactions on the three Baltic stock exchanges has not been previously investigated. Only one previous study has covered a developed capital market of the UK, which means that this paper enables to compare its results to the ones achieved in a developing capital market setting.
机译：目的–本文的目的是确定塔林，里加和维尔纽斯证券交易所（TSE，RSE，VSE）具有经济意义的股票收益和数量变化在多大程度上归因于公开公告的披露以及哪些类型的公告推动了这些公告。设计/方法/方法–使用事件研究方法确定具有经济意义的收益和数量事件。调查结果–据发现，由公共公告解释的回报或交易量事件的22-37％比英国的报道要低两倍。披露的最大频率是可以预期的财务披露。尽管以前的研究表明对金融新闻的反应程度更大，但在公开宣布的情况下并未观察到。而VSE的反应幅度大于TSE和RSE的报告幅度，这表明VSE在信息处理方面与TSE和RSE不同。研究的局限性/含意–首先，排除了除公告之外的所有其他披露手段。其次，对公共公告的关注抛弃了所有可能引起市场反应的其他因素。第三，假定投资者采取理性行动。原创性/价值–以前尚未研究过不同新闻在引起波罗的海三个交易所的市场反应中的相对重要性。以前只有一项研究涵盖了英国的发达资本市场，这意味着本文可以将其结果与发展中的资本市场环境下的结果进行比较。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号