Impact of investor presentations on share prices: Evidence from DAX 30 companies from 2010-2012

Christopher Breu, Avo Schönbohm and Markus Löcher

No 88, Working Papers from Berlin School of Economics and Law, Institute of Management Berlin (IMB)

Abstract: The purpose of this article is to explore the market reactions and determinants to 180 investor presentations by the German DAX 30 companies illustrating half-year and year-end results from 2010 to 2012. Therefore, an event study is conducted. In line with previous studies, the article finds significantly Abnormal Returns (ARs). For 57 of 180 presentations, the most significant presentation impact is realized directly on the presentation dates, with a similar distribution of half-year and year-end presentations. Nearly two thirds refer to significantly positive ARs, which is in line with the general DAX performance in the examined three years period. Pre-market or delayed market reactions do not exist. Furthermore, Operating Cash Flow (OCF), as a possible market reaction determinant is tested. The change of OCF shows a significant medium correlation. The article indicates that investor presentations are informative events, where the preparation and the surroundings play a minor role.

Date: 2015
New Economics Papers: this item is included in nep-mst
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:imbwps:88

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