Wird die Ad-hoc-Publizität korrekt umgesetzt? Eine empirische Analyse unter Einbezug von Unternehmen des Neuen Markts

André Güttler ()
Additional contact information
André Güttler: Johann Wolfgang Goethe-Universität

Schmalenbach Journal of Business Research, 2005, vol. 57, issue 3, 237-259

Abstract: Summary In this paper stock price reactions of reports based on ad-hoc-disclosure rules (section 15 of the German securities law) are examined. This event study includes for the first time reports filed by companies of the Neuer Markt, which was the German market for fast growing and inventive firms. The investigation concentrates on the reproach that investors are swampt over with reports, which are abused for investor relation purposes instead of informing about issues according to the regulations. For a sample of 80 German firms containing blue chips of the Dax-30 and growth stocks of the Nemax-50, the evidence indicates that only firms of the Nemax-50 prefer publishing potentially good news, delaying bad news and publishing even more good news in positive market conditions. The results show the necessity for stricter control of existing ad-hoc disclosure rules to regain investors trust in equity markets.

Keywords: G14; G38; K22; K42; Ad-hoc Disclosure Rules; Event Study; Neuer Markt; Ad-hoc-Publizität; Ereignisstudie; Neuer Markt (search for similar items in EconPapers)
Date: 2005
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://link.springer.com/10.1007/BF03372765 Abstract (text/html)

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:spr:sjobre:v:57:y:2005:i:3:d:10.1007_bf03372765

Ordering information: This journal article can be ordered from
https://www.springer.com/journal/41471

DOI: 10.1007/BF03372765

Access Statistics for this article

More articles in Schmalenbach Journal of Business Research from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().