Clustering of annual general meetings and stock returns: UK evidence

Lawal, Tolulola

doi:10.1016/j.jbef.2016.05.001

Cited by 6 publications

(12 citation statements)

References 11 publications

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“…The result holds for both interim and preliminary earnings announcements. Finally, while our study is related to the studies by Wang and Hefner (2014) and Lawal (2016), it differs from theirs as we examine the information content of AGMs but do not propose or test a stock return anomaly associated with AGMs.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Table 1 of this paper provides some evidence of monthly clustering of annual general meeting. Therefore, we include month fixed effects to account for the possible influence of clustering of AGMs on returns as reported by Lawal (2016) and Wang and Warner (2014). We find no evidence that the results presented in Table 5 are driven by clustering of annual general meetings.…”

Section: Changes In the Information Content Of Annual General Meetingsmentioning

confidence: 99%

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The relevance of annual general meetings: recent evidence from the UK

Lawal¹

2021

IJBAAF

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Using over 14,000 hand-collected annual general meeting dates of UK firms over the period 2004 to 2014, the study provides some evidence in support of the information content hypothesis from the analysis of price and volume reactions around annual general meetings. In addition, the study finds some support for an increase in the information content of annual general meetings during the study period. Our results show that both the magnitude of abnormal return and the temporal variation in the information content of annual general meetings depend on a number of firm characteristics that capture firms' information environment.

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Section: Literature Reviewmentioning

confidence: 99%

Section: Changes In the Information Content Of Annual General Meetingsmentioning

confidence: 99%

The relevance of annual general meetings: recent evidence from the UK

Lawal¹

2021

IJBAAF

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“…The core business of AGMs traditionally and legally comprises three elements, summarized as legal formality, communication, and accountability (Apostolides, 2010). Studies that investigate an AGM assign different roles to it: a historical role (Jeacle, 2008), as a (an) corporate governance instrument, accountability, and transparency mechanism (Apostolides, 2010(Apostolides, , 2007Carrington and Johed, 2007;Cordery, 2005;Hodges et al, 2004;Strätling, 2003), and a powerful formal communication medium for the disclosure of financial information (Firth, 1981;Olibe, 2002;Garcia-Blandon et al, 2011Martinez-Blasco et al, 2014Lawal, 2016). By reviewing AGM studies in accounting, one finds out that most studies have assessed and analysed the impact of AGM announcements on capital market variables (e.g.…”

Section: Introductionmentioning

confidence: 99%

“…By reviewing AGM studies in accounting, one finds out that most studies have assessed and analysed the impact of AGM announcements on capital market variables (e.g. Firth, 1981;Brickley, 1986;Rippington and Taffler, 1995;Olibe, 2002;Garcia-Blandon et al, 2011Martinez-Blasco et al, 2014Lawal, 2016), but there has been little consideration for the atmosphere at AGMs and the possible effects of their communications on shareholders' cognition and behaviour. Therefore, this study intended to investigate the effective elements of management communications in annual general meetings from the shareholder's viewpoint.…”

Section: Introductionmentioning

confidence: 99%

Shareholders’ perception of management communications in annual general meetings: narrative or not?

Oskouei¹,

Nikoomaram²,

Roodposhti³

2020

Argumenta Oeconomica

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This study investigates management communications in annual general meetings (AGMs) from a narrative perspective. This study evaluates the effective elements of AGMs from the shareholder’s viewpoint. According to the theoretical framework, the authors developed a conceptual model and extracted the suggested narrative model for the first time. The shareholder’s perception was measured through a questionnaire survey containing three sections – narrative, audience, and narrator – with 32 indicators from 151 shareholders measuring shareholders’ opinions about AGMs in Iran. The results indicate that although shareholders do not consider the AGM communications made by management board as a narrative, they obtain relevant information with a logical flow in AGMs, and believe that these relations are useful. The characteristics of the management board impact on the persuasiveness of their communications. The results supported the mediating effect of AGM communication between managers and shareholders

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“…They specified that the applied method showed dissimilar performance in retrieving the economic information encoded in the Industrial Classification Benchmark and suggested that these dissimilarities would be connected to different degrees of sensitivity to the market mode dynamics [25]. Laval (2016) interestingly examined the relationship between frequency of annual general meetings and stock returns in UK and found a significantly negative relationship between stock returns and the monthly frequency of annual general meetings [21].…”

mentioning

confidence: 99%

Clustering in key G-7 stock market indices: an innovative approach

Peker¹,

Aktan²,

Tvaronavičienė³

2017

MMI

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CLUSTERING IN KEY G-7 STOCK MARKET INDICES: AN INNOVATIVE APPROACHIntroduction and background. Integration among the major stock exchanges of the financial world has always been attracted attentions due mainly to globalization efforts and innovations in the sector that the financial markets have become more integrated and complicated in today's head to head competitive investment environment. However, so-called integrated and information-rich markets do not continuously follow the same patterns due mainly to the local market conditions where advance quantitative methods through econometric models are required using to forecast the behaviors. Moreover, understanding those models is almost impossible for individuals eager to making better investment decisions [4; 16; 17; 18].Clustering, which was first used as a term by Tyron (1939), is a widely held multivariate analysis which is practiced in a number of fields such as biology, medical sciences computer vision, sociology, urban planning, marketing, and so forth [7; 9; 13; 33; 34; 36;]; for example, Li et al., (2015) distinctly grouped the sports gamblers according to the demographic and behavioral characteristics in China who bought sports lottery tickets more than once in a year by developing a typology based upon the scale of assessing problem gambling [22].The method, which is relatively new and innovative approach in empirical finance, like factor analysis and multi-dimensional scaling, can be used to facilitate the selection process in portfolio management to solve abovementioned problem. In this analysis, objects or variables are separated into a small number of similar categories and relationships between objects and subjects are explored without a dependent variable being identified [5; 30]. In finance, cluster analysis unlike factor analysis is applied seldomly. The finance literature documents a small number of studies applying different clustering methods to given financial classification problems for instance, [1; 3; 6; 14; 26; 28;] and more recently, [8; 15; 19; 25]. Stock exchanges of G-7 countries can be seen as a leading group not only for their market capitalizations within the world's total value of equities but also for the solidity in today's

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Clustering of annual general meetings and stock returns: UK evidence

Cited by 6 publications

References 11 publications

The relevance of annual general meetings: recent evidence from the UK

The relevance of annual general meetings: recent evidence from the UK

Shareholders’ perception of management communications in annual general meetings: narrative or not?

Clustering in key G-7 stock market indices: an innovative approach

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