Do structural break tests identify capital increase?

Maria Ciupac-Ulici

Finante - provocarile viitorului (Finance - Challenges of the Future), 2012, vol. 1, issue 14, 114-120

Abstract: In recent years, many researchers have focused on the study of increasing capital. More specifically, the purpose of these studies was to measure the impact on the course announcement of the capital stock, and hence the market value of the issuing company. Zivot - Andrews test was applied to see if the structural break date coincides with the official date of the share capital increase. The test was applied on 21 companies listed on Bucharest Stock Exchange. The identified break date does not coincide with the test date for any of the companies analyzed.

Keywords: stock price behaviour; strucrural break; Zivot-Andrews test (search for similar items in EconPapers)
JEL-codes: G10 G14 (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:aio:fpvfcf:v:1:y:2012:i:14:p:114-120

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