Getting high on cannabis stock returns an event study

Zvika Afik, Tehila R. Cohen and Yaron Lahav

Finance Research Letters, 2022, vol. 46, issue PA

Abstract: We report the Israeli firms’ market value reaction to announcements on initiating Cannabis-related activity. Using Event Study analysis, we find a significant positive effect of the announcements: a cumulative average abnormal return of 64% in three days. Similar stock price reactions are observed for most firms individually, though some of these firms’ activity in Cannabis has been declarative only without any related business action.

Keywords: Cannabis; Event-study; Market reaction; Firm value (search for similar items in EconPapers)
JEL-codes: G14 G15 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1544612321002877
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:46:y:2022:i:pa:s1544612321002877

DOI: 10.1016/j.frl.2021.102226

Access Statistics for this article

Finance Research Letters is currently edited by R. Gençay

More articles in Finance Research Letters from Elsevier
Bibliographic data for series maintained by Catherine Liu ().