 How Cash Flow News and Discount Rate News Impact the Unexpected Stock Returns of Energy Firms of PakistanRabia Kausar and Abdul Qayyum MPRA Paper from University Library of Munich, Germany Abstract: This study has used the model of Volunteeno (2000). The objective of this study is to analyse the impact of the cash flow news and discount rate news on stock returns of energy firms of Pakistan from 2000 to 2015. We used the balanced panel data technique. Estimated the random effect model after employing the Hausman Test. The results of this research show that only discount rate news is significance and positively related with unexpected stock return returns of energy firms which describe that increase in variability in the discount rate news increase the variability in unexpected stock returns. As cash flow news is insignificance which conclude that there is no permanent effect occur in the unexpected stock return due to change in book value and earning. Moreover these firms are large; it’s also concluded that large firms are not affected by the cash flow news Keywords: Cash Flow News; Discount Rate News; Unexpected Stock Returns; Energy Firms of Pakistan, Balance Panel Data (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:91165 Access Statistics for this paper More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC. |
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