THE IMPACT OF FINANCIAL STATEMENTS ANNOUNCEMENTS ON STOCK PRICES AT BSE

Adrian Zoicas-Ienciu
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Adrian Zoicas-Ienciu: Babes-Bolyai University, Cluj-Napoca

Theoretical and Applied Economics, 2008, vol. 11(528)(supplement), issue 11(528)(supplement), 211-219

Abstract: Conceived as an empirical study, the paper investigates investors’ behavior as a reaction to the publication of financial statements by the main companies listed on Bucharest Stock Exchange (B.S.E.). Starting from the general framework of an event study analysis (ESA), the empirical research is doubled by two personal contributions to the ESA methodology represented by a parameters’ generalization module and one for optimizing internal variables. This modified methodology was run using personally-developed software (EvStud1.1), the main conclusion, inferred from a sample of 313 events, being the significant impact of financial statements’ publication on stock prices.

Keywords: stock market; event study analysis; empirical research; informational efficiency; optimization. (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:agr:journl:v:11(528)(supplement):y:2008:i:11(528)(supplement):p:211-219

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