Do Investors Care if Steve Jobs is Healthy?

Koch, James V.; Fenili, R.N.; Cebula, Richard J.

doi:10.1007/s11293-010-9261-z

Cited by 5 publications

(1 citation statement)

References 9 publications

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“…trade deficit), changes in the regulatory environment (Campbell et al ., , p. 149), accounting rule changes, changes in the severity of regulation, money supply announcements (Binder, , p. 111), divestitures from particular countries, corporate control changes, layoffs, plant closures, corporate illegalities, product recalls, customer service changes, diversification programs, strategic investment decisions, and appointments of top executives to cabinet positions (McWilliams and Siegel, , p. 626). Some researchers go even further and examine the impact of the sale of live broadcasting rights for famous sports events (Gannon et al ., ) or the impact of an illness of the CEO on a company's security prices (Koch et al ., ). The exact references to and examples of these studies are not given, as the analysis of specific events is beyond the scope of this paper.…”

Section: Efficiency Of Capital Markets and Event Studiesmentioning

confidence: 97%

The Information Content of Equity Block Trades on the Warsaw Stock Exchange: An Estimation of Shares' Returns with the Usage of Simple Linear Regression and Multivariate Adaptive Regression Splines

Kurek

2014

Journal of Forecasting

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Equity block trade transactions per se directly relate to the valuation of a company's equity capital. These transactions are executed outside the continuous trading system and single price system, and involve trading of large volumes of shares at an agreed price. This paper investigates the information content of equity block trade transactions for companies constituting the WIG20 index from the Warsaw Stock Exchange in Poland. Two research methods are used: literature review and event study analysis. In the empirical part of the paper two approaches are used to model shares' returns: simple linear regression and multivariate adaptive regression splines. From the conducted research it is concluded that equity block trade transactions carry an important signal for investors acting on a stock exchange: significant abnormal positive (negative) returns follow the execution of the equity block trade, the price of which is higher (lower) than the closing price 2 days before the execution of the transaction.

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Section: Efficiency Of Capital Markets and Event Studiesmentioning

confidence: 97%