IMPACT OF FSA DECISION NO. 23 FROM 5TH FEBRUARY, 2014: EVENT STUDY APPROACH

Dumitru-Cristian Oanea and Ștefan-Bogdan Vasilescu
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Dumitru-Cristian Oanea: Bucharest University of Economic Studies, Bucharest, Romania
Ștefan-Bogdan Vasilescu: Economic Advisor, Bucharest, Romania

Network Intelligence Studies, 2015, issue 6, 109-116

Abstract: The aim of this paper is to study the impact of Romanian Financial Supervisory Authority (FSA) decision number 23, which was taken on the 5th February of, 2014. This decision canceled the measure number 11 from August 12th, 2005, through which an investment fund cannot buy other investment fund’s stocks. By applying the new FSA decision, each investment fund, namely SIF 1 – Banat Crisana, SIF 2 – Moldova, SIF 3 – Transilvania, SIF 4 – Muntenia, and SIF 5 – Oltenia can buy stocks from each other. Our results show that the stocks return of the five investment funds, reacted significantly in the first day after the event, when a significant positive increase of 4.69% in the average return was recorded. Moreover, it seems that after 5 days the stock return of SIF3 has the tendency to return to pre-event values.

Keywords: Event study; Financial investment fund; Stock prices; Financial Supervisory Authority; Capital market (search for similar items in EconPapers)
JEL-codes: E44 G14 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:cmj:networ:y:2015:i:5:p:109-116

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