The impact of banks' financial statements publication on their market capitalization (The B.S.E. Case)

Ioan Trenca and Adrian Zoicas-Ienciu
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Adrian Zoicas-Ienciu: Babes-Bolyai University Cluj-Napoca

Finante - provocarile viitorului (Finance - Challenges of the Future), 2008, vol. 1, issue 7, 96-104

Abstract: Conceived as an empirical study, the paper investigates investors’ behavior as a reaction to the publication of financial statements by the three commercial banks listed on Bucharest Stock Exchange (B.S.E.): BRD, BCC and TLV. 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 54 events, being the significant impact of financial statements’ publication on banks’ stock prices.

Keywords: financial statement; market capitalization; stock price; event study methodology (search for similar items in EconPapers)
JEL-codes: C82 G11 G20 G21 (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:aio:fpvfcf:v:1:y:2008:i:7:p:96-104

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