Event Study Research Papers - Academia.edu (original) (raw)

2025, The IUP Journal of Financial Economics

Capital Asset Pricing Model (CAPM) relies heavily on the stock market index as it is practically impossible to collect the entire data from the complex stock market. Though beta value is derived by applying such indices, empirical... more

2025, Revista Catarinense da Ciência Contábil

Considering the context of the changes implemented by the revised ISA 700, which required including items such as Key Audit Matters (KAMs), this article aimed to examine the effects of the changes in ISA 700 on audit quality and fees. Accounting and market data, information on the responsible audit firms, and the number of KAMs disclosed by publicly traded companies in Brazil were collected from 2014 to 2017. Overall, the results did not demonstrate evidence of improvement in audit quality after adopting the revised ISA 700. Audit fees also did not show statistically significant changes when comparing the period before and after adopting the new requirement. So, the study concluded that, during the four-year period surrounding the adoption of the new requirements, there was no evidence of an increase in audit quality or auditor fees for publicly traded companies in Brazil. This article expands academic discussions in the Brazilian capital market regarding the implications of including KAMs in audit reports, as well as the analysis of the practical effects of applying standards issued by regulatory bodies.

2025, SSRN Electronic Journal

Recent studies using data on social media and stock markets have mainly focused on predicting stock returns. Instead of predicting stock price movements, we examine the relation between Facebook data and investors' decision making in stock markets with a unique data on investors' transactions on Nokia. We find that the decisions to buy versus sell are associated with Facebook data especially for passive households and also for nonprofit organizations. At the same time, it seems that more sophisticated investors-financial and insurance institutions-are behaving independently from Facebook activities.

2025

In today’s world most people and institutions, including commercial banks have adopted the information technology in all its systems which means that the organization and companies are encouraged to conduct technological integration in order to improve revenues and income. Though there are many forms of digital technology that are adopted to bring or increase income for the organization. However, in the current assessment takes interest in the Non-Fungible Tokens as a digital technology. The main purpose of this study is to investigate Islamic legal perspectives on Non-Fungible Tokens (NFTs) exploring the permissibility of Non-Fungible Tokens (NFTs) as digital assets under Islamic Law. The research design that was used in this study was the exploratory and the analytical research design Secondary dataset was adopted for this study to investigate the phenomenon under study. The dataset that was utilized was sourced from the stastista.com platform for the NFTs. The data was used in its current form since the same did not require any changes or variation. STATA was adopted as the software of choice for all the data analysis and estimation of the model for the investigation of the phenomenon under study. The results and findings were processed and presented by use of tables and figures that were exported from the STATA software. According to what the study revealed there are many restrictions or conflict between the Islamic laws and the Islamic legal perspectives of the Non-Fungible Tokens. It was established that there was an inverse relationship between the Islamic law and the changes in the Non-Fungible Tokens or permissibility of the NFTs.

2025, International Journal for Research in Applied Science and Engineering Technology

2025, Journal of Humanities, Arts and Social Science

The outbreak of novel Coronavirus (COVID-19) has already disrupted the international economy in various ways and transformed into significant labor market shock. Both supply (production of goods and services) and demand (consumption and investment) are being affected by this pandemic. Both advanced and less advanced economies are seeking to cope with the pandemic, and all are facing limitations in their resource capacities; with the shortfall being more acute in the developing world. The purpose of this paper is to present some adverse impacts on global economy and to sketch out the economic scenario in different continents and forecast some suggestions to recover the situation of this crisis. The findings suggest that, the massive decline of world economy in 2020 could be recovered by the faster global and local recovery rates of economic activity in 2021 with the whole world awareness and cooperation.

2025, Economics and Business Review, Vol. 8, No. 4

The aim of the paper is to analyse the impact of the new coronavirus on fi-nancial markets. The sample comprises returns from 80 countries, across all regions and incomes for the period known as the first wave. By combining event study meth-odology and time series analysis of new COVID-19 cases it is found that the negative price effect is widespread but unequal across regions. It is also noted that the distribu-tion of the impact is also uneven with a high concentration in the week after the first local case but especially in the weeks around the pandemic declaration. Finally, it has been shown at different levels how the markets most affected by the crisis are not nec-essarily the most sensitive to the virus.

2025, German Economic Review

Any opinions expressed here are those of the author(s) and not those of WHU. Research published in this series may include views on policy, but the institute itself takes no institutional policy positions. WHU Working Papers often represent preliminary work and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be available directly from the author.

2025, Research Journal of Finance and Accounting

The paper examines the reaction of banks and insurance companies' stocks listed on the Nigerian Stock Market to two major terrorist events (the bomb blast on October 1, 2010-Nigeria's 50 th independence anniversary day, and the bombing of the United Nation's (UN) embassy office on August 26, 2011, all in Abuja). The data stream for the study consisted of the Nigerian Stock Exchange Daily Official list on some selected banks and insurances stocks over the event period of eight (8) days for both the United Nation's (UN) embassy office bombing and the October 1 bomb blast respectively. Using the standard event study methodology and the single-factor market model, the study finds that of the two terrorist events, only the October 1, 2010 attack resulted in significant negative abnormal returns in the Nigerian stock market. The UN office bombing, though expectedly resulted in a negative abnormal return, the abnormal return was however not statistically significant at 5% level and only occurred a day after the event day, suggesting that the stock prices reacted rather slowly. The study therefore recommends that the federal government of Nigeria should explore ways of reducing the frustration of her citizens because the consistent neglect by successive governments to improve on the well-being of the commoners in this oil-rich nation has always led to frustration and aggression, and these are popular substratum for terrorism.

2025

 State-level EITC generosity is associated with improved birth outcomes.  States with refundable EITCs had the largest increases in birth weights and reductions in prevalence of low-weight births.  Gestation increases slightly along with state EITC generosity.  EITC policies do not appear to affect the hypothesized mechanisms of early prenatal care and reduced smoking.

2025, International Journal of Economics and Financial Issues

This paper aims to examine the effect of firm size, media exposure and industry sensitivity to corporate social responsibility (CSR) disclosure and its impact on investor reaction. The population of the study is the companies listed on Indonesian stock exchange. The sample was taken by purposive sampling method, and samples of 53 companies were obtained. Data were analyzed using partial least squares path modeling. The result reveals that firm size, media exposure and industry sensitivity have a significant effect on CSR disclosure; firms size, media exposure and industry sensitivity have no direct effect on investor reaction; CSR disclosure have direct effect on investor reaction and mediates relationship between firm size, media exposure, industry sensitivity and investor reaction. This present study has two limitations. The first limitation of this study is that using media exposure as a proxy for public pressure may not have been fully fit, but there are still other forms of public pressure such as community lobby and pressure groups that can represent public pressure. The second limitation of this study is that the use of global report initiatives (GRI) indicators by the companies may not be suitable for the companies since they can not fully apply all of the items. Such difficulties result from the fact that GRI indicators as international guidelines on sustainability reporting are not fully implemented in Indonesia because of cultural and customs differences. The paper is one of the few studies in the academic literature to analyze the effect of three independent variables on the CSR disclosure of public companies and investor reaction to the implementation of CSR.

2025, International Journal of Latest Trends in Finance and Economic Sciences

Rebranding corresponds to the creation of a new name, term, symbol, design or a combination of them for an established brand with the intention of developing a differentiated position in the mind of stakeholders and competitors. Increased competition has led firms to an avenue of differentiation, and rebranding has been approached by firms in order to differentiate themselves and to promote the corporate image. Corporate rebranding, although commonly referred in the press, has received little attention from academia. This paper tends to contribute to fill this gap in the academic literature, by analysing the impact that corporate image through rebranding has on the firms' stock market value, using event study methodologies. We focus on firms listed on the Lisbon Stock Market in the period 2000 -February 2009. We do not find evidence of a positive impact of corporate rebranding on firm value, in Portuguese firms. In fact, our results suggest that these events may have a negative impact on firm value, even though our empirical evidence is weak, in supporting this conclusion.

2025, International Advances in Economic Research

We tested whether the 2010, 2011 and 2014 European Union bank stress tests produced useful and real information to the market. Using an augmented capital asset pricing model, we analyzed the impact of the information disclosures on each stress test (announcement, methodology and results events) on the stock market returns and risk of banks. Our approach allows an integrated analysis, as a sample of 41 banks that participated in all three stress tests was used. The most significant event was the methodology disclosure, in terms of its impact on risk and returns. In contrast, the results events did not have much impact in the stock market when considering the entire sample of banks. On the other hand, after dividing the sample of banks into two groups (those that passed the 2014 European Union stress test vs. those that failed), we observed a significant reaction of the stock markets in both groups. These findings are consistent with the hypothesis that stress tests provide real and valuable information to the markets about the banking system. A significant part of that information is conveyed by announcement and methodology events.

2025

This report investigates the influence of firm-specific information events, earnings announcements and dividend declarations, on the stock prices of WD-40 Company. By employing the event study methodology, the analysis measures abnormal returns and cumulative abnormal returns to understand market reactions to these information events. The analysis focuses on four major events within 2023 and 2024: two quarterly financial results, one fiscal year financial report, and two dividend declarations.
The primary objective is to determine whether these firm-specific events led to significant changes in stock prices. Key empirical questions include: (1) Do stock prices adjust immediately following the announcement of positive quarterly financial results? (2) How does the rate of adjustment in stock prices differ between dividend declarations and earnings announcements? (3) Do dividend declarations impact stock prices more significantly than earnings announcements? (4) Is the stock market's reaction to increased dividends proportional to the dividend increase? The study collected three years of daily stock price data for WD-40 Company and the NASDAQ Composite Index as the market benchmark. The market model was used to estimate expected returns, from which abnormal returns were calculated. All Ordinary Least Squares assumptions (OLS) were validated, tests for coefficient stability confirmed the stability of the regression coefficients, and a 15-day event window (-7 to +7 days) was employed to capture both pre-event and post-event effects. Statistical tests including t-test, and robustness tests for estimation periods and event window widths affirmed the reliability and validity of the findings. No problematic data issues were encountered. The findings reveal that quarterly financial results caused immediate and significant changes in stock prices, reflecting rapid adjustment in line with the semi-strong form of the Efficient Market Hypothesis (EMH). Dividend declarations also impacted stock prices though with slower and more moderate effects. Earnings announcements had a more immediate and stronger impact than dividend declarations. Stock price responses to dividend increases were not strictly proportional to the magnitude of the dividend change, indicating external market factors like market sentiment at play.

2025

This paper examines the relation between bidder returns and the subsequent turnover of acquiring firms ’ CEOs for a sample of 390 firms that completed acquisitions during 1990 through 1998. We find a strong inverse relation between returns to acquiring firms and the likelihood that their CEOs are subsequently fired. The probability that “bad bidders ” are fired is not significantly related to the size or structure of boards, whether the CEO also serves as chairman of the board, and the method of payment used in the acquisition. The results support the hypotheses that internal governance mechanisms discipline managers who stray from value-maximization. The results also suggest, contrary to Shleifer and Vishny’s (2003) theory of “stock market driven ” acquisitions, that negative bidder returns reflect value destruction and not inefficiently priced equity of acquiring firms. Classification code: G34.

2025, Journal of Administrative and Business Studies

Women directors New Zealand

2025, Federal Reserve Bank of San Francisco, Working Paper Series

This paper undertakes a modern event-study analysis of Operation Twist and compares its effects to those that should be expected for the recent quantitative policy announced by the Federal Reserve, dubbed "QE2". We first show that Operation Twist and QE2 are similar in magnitude. We identify six significant, discrete announcements in the course of Operation Twist that potentially could have had a major effect on financial markets, and show that four did have statistically significant effects. The cumulative effect of these six announcements on longer-term Treasury yields is highly statistically significant but moderate, amounting to about 15 basis points. This estimate is consistent both with Modigliani and Sutch's (1966) time series analysis and with the lower end of empirical estimates of Treasury supply effects in the literature.

2025, International Journal of Academic Multidisciplinary Research (IJAMR) ISSN: 2643-9670

We carried out this empirical study: implementation of ISA 710-Key Audit Matters KAMs in Nigeria. The methodology utilized a pooled data research design. These are data with both cross section and time interval. We applied data sourced from annual reports of firms quoted in the Nigerian Stock Exchange (NSE). The population comprised all the quoted firms on the NSE from 2017-2020, and a purposive sample size of (30) firms that have evidence of disclosure of KAMs within these period. We apply Descriptive Statistics, Correlation and Multiple Regressions to determine the impact that firm age, firm leverage, and audit gender have on KAMs. Our empirical evidences show that about 44% of the systematic variations in the dependent variable in the pooled companies over the period in Nigeria are jointly explained by the independent variables of KAMs; while our specific findings show that Audit gender has a negative and insignificant impact on implementation of KAMs; Firm age and leverage have a positive significant impact on implementation of KAMs. We recommend that implementation of KAMs have cumulative impact and that only leverage and Firm age contribute positively. We, contributes with the evidence of variables that have impact on KAMs implementations in Nigeria; the rich literature and the relevance of the content of the applied model of KAMs.

2025

The monetary and exchange rate policies of some economically significant countries -especially those whose currencies are accepted as international reserves -have large external effects over the rest of the countries who must take great care in designing their domestic policies to address changes in external conditions. We have seen in recent years that a significant portion of the financial spillovers resulted from the impact on global risk aversion and the evolution of commodity prices -which show a negative correlation with emerging economies (EEs) sovereigns amplifying business cycles.

2025

2014 dissertation for MBA in Finance. Selected by academic staff as a good example of a masters level dissertation. The research is focused on the impact of the dollar depreciation on the emerging market returns. The research was carried out using monthly observations over the life period of 2000 to 2013 from six emerging market countries where stock market indices and exchange rates monthly data's were used. The monthly data was further compounded to get the returns. The researcher uses linear regression model to analyse the impact of dollar depreciation on emerging stock market returns .The evidence shows that the dollar depreciation had a positive impact on the returns of the emerging markets except for Greece. Hence, this research suggests that the international fund managers who are seeking to invest in the emerging markets should evaluate the value and stability of their currency before making an investment decision.

2025

The main purpose of this research is to evaluate if stocks indicated political content during the 2019 Indonesia’s presidential election in the form of price manipulation. This study uses a quantitative method by employing an independent sample t-test to test the hypothesis. Sample formation is divided into two broad categories which are affiliated company stocks and non-affiliated company stocks. Data gathered in this study are return, volatility, and liquidity from March 23 to April 17, 2019. The results show that there is no evidence of price manipulation during the presidential election in those three variables including return (0.0870), volatility (0.5630) and liquidity (0.0800). The overall null hypothesis cannot be rejected since the t-statistics is smaller than the t-table (2.0243). However, there is an indicative of the stock price decrease which occurred during a period of observation from the 2019 presidential election. Although the price manipulation is not evidence duri...

2025

This study investigates the short-term market reaction to the announcement of Indonesia's sovereign wealth fund (SWF), Danantara, using a dual-framework approach that combines price-based and microstructurebased measures. Although sovereign wealth funds are intended to boost investor confidence and attract long-term capital, the Indonesian equity market-dominated by retail investors and characterized by institutional opacity-offers a unique testing ground. The research aims to assess whether the announcement of Danantara triggered abnormal returns or changes in trading behavior and liquidity among related state-owned enterprises (SOEs) and the broader market index (IHSG). Utilizing an event study methodology, this study measured abnormal returns (AR), cumulative abnormal returns (CAR), trading volume activity (TVA), abnormal volume (AV), and Amihud illiquidity (ILLIQ) across a ±5-day window around the event date. The findings show no significant price reactions but reveal temporary spikes in trading activity and liquidity disruption, suggesting behavioral responses driven by policy uncertainty. The implications indicate that market participants in emerging economies process reforms not through valuation changes but via speculative and liquidity-driven behavior. This emphasizes the importance of transparency and follow-through in institutional reform. The study provides a replicable analytical model for emerging markets responding to top-down economic policy shifts.

2025

We examine the effects of selected human resource management decisions on the abnormal change in total shareholder return. Announcements of human resource decisions are classified into five types--general HR system announcements, compensation and benefits, staffing, shutdowns and relocations, and miscellaneous. Using an event study methodology we investigate whether any of these HR decisions had a discernible effect on either the level or variation of abnormal total shareholder return. We find no consistent pattern of increased or decreased valuation in response to the different types of HR announcements, even after controlling for the likely effect of such announcements on total compensation costs. We do find substantially increased variation in abnormal total shareholder return around the announcement date, which indicates that HR decisions do provide information to the stock market. The events associated with increased variation in total shareholder value are permanent staff reductions and shutdown/relocations. The absence of consistent valuation effects combined with the evidence of increased variation in shareholder value may be attributed to uncontrolled firm-specific factors, the categorization of the HR events or, simply, to the unique interpretations the market placed upon these events.

2025, SSRN Electronic Journal

This study analyzes the effectof changes in corporate controlon the way shareholdersbenefit from the announcements of selling and buying airlines, thus contributing to the literature on mergers and acquisitions (M&As) in emerging markets. Using a methodologyof event study, including GARCH and OLS models, we find evidence that some selling companies obtain abnormal returns that are statisticallysignificant after the announcement of the M&A. However, when the merger is not strategic, the companies present statisticallysignificant negative abnormal returns. The resultsare not conclusive when analyzing the effecton the valueof the buying companies.

2025, OECD Development Centre Working Papers

2025, Journal of Global Awareness:

This study is, the authors believe, a groundbreaking investigation into the impact of cryptocurrency news on the earnings of publicly traded companies. Using advanced Generative AI (GenAI) models and the BERT framework for sentiment analysis, we integrated comprehensive data from the Financial Modeling Prep API. This enabled us to employ a rigorous event study methodology and advanced machine learning algorithms. Valuable insights were derived from the BERT model, shedding light on the reasons behind abnormal returns and facilitating a thorough analysis of material and immaterial impacts. The study's findings highlight the significant influence of both positive and negative cryptocurrency news on cumulative abnormal returns (CAR), particularly among firms deeply involved in crypto activities. Notably, deliberate news, including official announcements, had a more pronounced impact than unintentional ones on market reactions. This innovative approach provides actionable insights into financial services, investment management, and corporate communication, offering a framework for improving predictive models, investment decisions, and risk management strategies.

2025

Brand partnerships are increasingly common as the cost of developing new products and brands is expensive in terms of both monetary outcomes and potential negative spillover effects to existing brand and products in a firm's portfolio. This dissertation explores how the risk associated with such brand partnerships can be reduced. In the following three essays brand partnerships in the form of brand acquisitions and co-brand arrangements are explored. Essay 1 focuses on brands joining together through brand acquisitions and the impact on firm value in terms of cumulative abnormal stock returns is used as the outcome variable of interest. In both Essay 2 and 3 co-brand arrangements are explored and the impact on consumer recall and evaluation is the outcome of interest. In all cases, managerial insights are provided to help improve the decision making process of forming such a partnership.

2025, African Development Review

This paper analyses the effectiveness of foreign exchange market interventions by the Reserve Bank of Malawi (RBM). We use a GARCH (1, 1) model to simultaneously estimate the effect of intervention on the mean and volatility of the Malawi kwacha. Results from the GARCH model indicate that net sales of US dollars by the RBM depreciate, rather than appreciate, the kwacha. Empirically, this implies the RBM 'leans against the wind', that is, the RBM intervenes to reduce, but not reverse, exchange rate depreciation. On the other hand, results for the GARCH model for the post-2003 period indicate the RBM intervention in the market stabilizes the kwacha. In general, results for the entire study period show that the RBM interventions have been associated with increased exchange rate volatility, with the only exception being the post-2003 period. The implication of this finding is that intervention can only have a temporary influence on the exchange rate.

2025, Tirtayasa Ekonomika

Secondary data source of share prices from companies in Telecommunication Sub-Sector obtained through official website of Indonesia Stock Exchange (IDX) (www.idx.co.id) in form of closing price data from before and after Covid-19 pandemic in Indonesia. Results show that there is a significant difference between stock prices before and after Covid-19 pandemic in Indonesia.

2025, International Journal of Membrane Science and Technology

We made an attempt to examine the stock prices response to quarterly earnings announcements in Indian stock market. To test the market efficiency, the event study methodology is applied and the abnormal returns are measured using the market model method. We have included NSE nifty 500 companies as sample. We observed that the majority of days during the prior to and post-announcement periods, the Abnormal returns are positive and significant. That implies that investors may experience unusual gains as a result of earnings news. So, we came to the conclusion that the Indian stock market is inefficient at the semi-strong level.

2025, Forum Mergers & Acquisitions 2011

2025

The report deals with the current legal questions relating to the trading, working out and outsourcing of non-performing loans. Within this framework the basic legal provisions and the problems arising therefrom, for example, in the area of data protection or banking secrecy, are explained and practical suggestions for a proposed line of action are made. The solutions range from the classical working out in banks over the new concept of a bad bank to legally complex conception, such as securitisation. The objective is to identify the basic lines taken in the discussion so far and to pinpoint the approaches for a continued development of the topic for the purposes of research and legal practice. --

2025

This thesis examines the impact of announcements of syndicated loans on the share prices of borrowing firms. I use a sample of 5,465 loan observations reported in the International Financing Review Platinum database to study this impact. Event study methodology is used. My overall results show significantly positive wealth effects on the borrowing firms. However, when I partition my data set into revolving credit agreements, term loans and hybrid loans, I find that the results are driven primarily by revolving credit agreements. I also observe that the size of the event window plays an important role in identifying the wealth effects for the borrowers. A five-day event window (-2, +2) shows share price response to revolving credit announcements to be significantly positive. A three-day event window (-1, +1) reveals that announcements are statistically positive for revolving credit agreements and statistically negative for term loan announcements. My results are consistent with previ...

2025, Sky Research Publication and Journals

This study aims to find out the role of mergers and acquisitions (M&A's) in achieving economies of scale in the banking sector. M&A's are strategic tools that improve the operational efficiency, market share, and cost savings for the firms. In 2019, the Government of India initiated major consolidation of Public Sector Banks (PSBs) merging 10 banks into 4 larger banks. These stronger banks were expected to compete at a global level with the aim of addressing operational inefficiencies and improving upon their non-performing assets (NPAs). The research attempts to empirically examine the mergers and their influence on the operational performance, cost-efficiency, and market standing through qualitative and quantitative approaches. The first source of information is secondary data collected from the annual financial reports, regulatory filings, and from a survey of 200 respondents composed of industry professionals, customers, and employees to find the post-merger impact. The research suggests that the mergers resulted in considerable synergy in operational efficiency, market share, and cost reduction; however, cultural integration and management of legacy NPAs acted as obstacles in realizing the economies of scale. This paper concludes with some policy recommendations for optimizing the post-merger integration process, stressing the need for planning and support from regulators as well as monitoring to ensure the long-term viability of M&A in the banking sector.

2025, Journal of Marketing

2025

Consulta sobre mercado de derivados.

2025, Journal of Ecohumanism

Cryptocurrency markets in the USA, especially that of Bitcoin, are plagued by extreme volatility fueled by a dynamic intersection of macroeconomic forces, speculator behavior, and sentiment of investors. Conventional financial models cannot keep pace with the highfrequency price changes typical of digital assets, prompting the need for novel methodologies that can better account for unstructured data like social media sentiment, news reports, and discussion forum postings. The central aim of this study was to establish a strong model that integrates sentiment analysis and machine learning methods to forecast the price movements of Bitcoin. The dataset used included multi-source sentiment data and cryptocurrency market indicators, which allow for in-depth analysis of public emotion on cryptocurrency volatility. Sentiment was sourced from Twitter (tweet text with Bitcoin hashtags and keyword mentions), Reddit (r/Bitcoin and r/Crypto Currency subreddits), and financial headlines (Bloomberg, CoinDesk, Reuters), covering the timeframe of 2019-2024 to ensure the inclusion of various market cycles. Textual data was pre-cleaned to remove noise signals (bots, spam, non-English text) and annotated for sentiment polarity (positive, negative, neutral) using both VADER (Valence Aware Dictionary for sEntiment Reasoner) and fine-tuned BERT models for contextual relevance. In analyzing how sentiment affects the volatility of the Bitcoin market, we used various modeling methods such as Logistic Regression, Random Forest Classifier, and Support Vector Machines. Support Vector Machines stands slightly ahead in terms of accuracy, implying that it might be the strongest among the three for this particular task. Logistic Regression and Random Forest both show similar levels of accuracy, which means that both of them are also strong, though less optimal compared to the Random Forest model. The use of sentiment analysis in financial markets, especially in the cryptocurrency market, provides U.S.-based investors and traders with a valuable means of risk protection. Through the use of sentimentaware forecasts, investors can make predictions of market trends and probable price movements based on public sentiment. Cryptofintech platforms can leverage sentiment analysis to build real-time alert systems that update users on important market movements. Through social media and news channels, the platforms can issue alerts on impending price volatility or impending trends, allowing the user to react quickly to market forces. The capability to bring in real-time social media APIs for live predictions marks a critical leap for sentiment analysis in the cryptocurrency market. Through APIs like Twitter, Reddit, and other social media platforms, investors can get instant readings on public sentiment, which in turn will allow them to make real-time and better-informed trading decisions.

2025

Penelitian ini meneliti teori signaling tentang bagaimana pasar/ para investor menanggapi pengumuman dividen yang dilakukan oleh perusahaan tercatat di Bursa Efek Indonesia pada kurun waktu 2008 – 2012. Secara umum tujuan yang ingin dicapai dalam penelitian ini adalah mengembangkan pendekatan-pendekatan teoritikal baru, sebagai upaya untuk menyelesaikan kontroversi konseptual mengenai dampak kebijakan dividen terhadap nilai perusahaan. Yang secara rinci, tujuan khususnya: Menganalisis dan menguji secara empirik reaksi pasar terhadap pengumuman pengurangan dividen dan kenaikan dividen; serta Menganalisis dan menguji secara empirik Variabel - variabel karakteristik khusus perusahaan yang mempengaruhi reaksi pasar. Sampel adalah seluruh perusahaan yang mengumumkan kebijakan devidennya selama 5 tahun sebebanyak 242 perusahaan dengan 729 peristiwa pengumuman. Hasil penelitian menunjukkan bahwa pada seluruh peristiwa pengumuman dividen ditemukan reaksi yang signifikan dari pasar. Pada pen...

2025, Empirical Economics

We examine the impact of significant news events during the 2007-2008 financial crisis on the abnormal stock returns for portfolios of financial and real sector firms. We estimate financial crisis event announcement abnormal returns in... more

2025, Empirical Economics

2025, Journal of Industry, Competition and Trade

This paper examines the possible effect of the derogation from suspension of concentrations by the Hellenic Competition Commission (HCC) on the stock performance of the requested companies. For this reason, we examined 16 companies listed in the Athens Stock Exchange (A.S.E) that are involved to 13 requested derogations from suspension during the period 1995-2008 by applying and assessing the results of three different event study methodologies (market model, mean adjusted return model and market adjusted return model). From the empirical findings, we conclude that the argument of the requested companies concerning the subsequent negative effect on their stock performance if the derogation from suspension by the HCC is delayed or not granted does not hold. On the contrary, the average abnormal and cumulative returns of the requested companies are positive and statistical significant. In addition, the results of the three event study methodologies are robust.

2025, Journal of the Academy of Marketing Science

This paper investigates whether and how emerging markets reward firms' corporate social responsibility (CSR) performance. We focus on the socially responsible investment (SRI) index, which lists the top CSR performers and serves as a tool to help investors make investment decisions based on financial and social criteria. We empirically test the financial market responses to the announcements of pioneering SRI indices recently launched in Brazil, China, and South Africa. We find that inclusion on an SRI index in these markets is associated with positive abnormal returns. However, inclusion on an SRI index does not benefit all firms equally: the positive financial response is strengthened by R&D expenditures but weakened by advertising expenditures; it is stronger for firms that have expanded globally to developing countries than those to developed countries.

2025, Social Science Research Network

We examine the impact of cyberattacks on bondholder wealth. Unlike stockholders, bondholders do not react in the short-term but do experience negative returns in the one-month event window. Compared to similar firms not subject to cyberattacks, we find that bondholders lost approximately 2% of their wealth within a one-month period surrounding the attack (a loss of $3.8 million on average). In this decade of advanced cybersecurity, bondholders still suffer similar losses compared to the last decade. To our knowledge, this is the first study that analyzes the impact of cyberattacks on bondholder wealth.

2025, Studies in Economics and Business Relations

The global economy and financial markets around the world are said to be adversely affected by the terrorist attack of 11 September 2001. The present study empirically evaluates the impacts of terrorist attacks on the top 20 stock market indices of the world. The Event study approach is used to conclude that there is a significant impact of the terrorist attack on stock indices of the selected countries, as the following stock market indices showed an adverse abnormal return on the day of the event namely, New York Stock Exchange, NASDAQ, Shenzhen Stock Exchange, National Stock Exchange of India, Frankfurt Stock Exchange, Bombay Stock Exchange, Euronext Paris Exchange, Johannesburg stock exchange and Euronext Brussels. While the rest of the selected stock markets showed a positive abnormal return on the event date. In the following days of the event, the Stock exchange in China showed a negative abnormal CAR for 80 days, while stock exchanges in India showed a negative abnormal CAR ...

2025

We build a simple non-structural BVAR forecasting framework to predict key Peruvian macroeconomic data, in particular, inflation and output. Unlike standard applications we build our Litterman prior specification based on the fact that the structure driving the dynamics of the economy might have shifted towards a state where a clear nominal anchor has become well grounded (Inflation Targeting). We compare different BVAR specifications with respect to a "naive" random walk and find that they outperform the random walk in terms of inflation forecasts at all horizons.

2025

This study examines a comparative analysis of stock prices and trading volumes in response to Federal Reserve interest rate in 2022. The research aims to investigate the market reactions following these events. This analysis use secondary data and the purposive sampling method is used to draw samples. Depend on the samples taken, namely LQ45 Index with Dow Jones Index, 75 research samples were obtained. This market reaction study uses stock prices as measured by abnormal return variables, and stock volume is measured by trading volume activity. The analysis outcomes show that there is a noteworthy outcome on stock prices in the increase in the Federal Reserve interest rate and an insignificant effect on stock volume.

2025, Journal of Sustainable Metallurgy

Nadir Toprak Elementleri ve Denge Sorunu: Değişen Piyasalarla Nasıl Başa Çıkılır? K. Binnemans, P. T. Jones, T. Müller & L. Yurramendi Piyasa talebi ile nadir toprak elementlerinin (REE) doğal bolluğu arasındaki denge, sıklıkla “Denge... more

2025

Dana Desa adalah dana yang bersumber dari Anggaran Pendapatan dan Belanja Negara yang diperuntukkan bagi Desa yang ditransfer melalui Anggaran Pendapatan dan Belanja Daerah kabupaten/kota dan digunakan untuk membiayai penyelenggaraan... more