Technology transactions, announcement effect, and reversal: Dissecting an anomaly

2014 ◽  
Vol 54 (3) ◽  
pp. 371-381
Author(s):  
Abdelaziz Chazi ◽  
Ashraf Khallaf ◽  
Yi Liu ◽  
Zaher Zantout
Keyword(s):  
Announcement Effect

scholarly journals Discount, transparency and announcements effects of equity rights offerings: international evidence

2021 ◽  
Author(s):  
Nils-Christian Bobenhausen ◽  
Astrid Juliane Salzmann
Keyword(s):  
Financial Markets ◽  
Information Asymmetry ◽  
Capital Market ◽  
Announcement Effect ◽  
Announcement Effects ◽  
Market Transparency ◽  
International Evidence ◽  
Negative Effect ◽  
Rights Offering ◽  
High Information

AbstractEquity rights offerings and their respective announcement effects have been studied extensively in the literature. Our study expands upon these studies and focuses on those announcement effects and the relation between the discount of an equity rights offering and the announcement effect. Previous theoretical and empirical analyses show that firms can signal their quality via the discount in an equity rights offering and demonstrate a negative relation between the discount and the announcement effect. We argue that this link is only relevant in environments where signalling is possible and necessary. These are financial markets with a particularly low level of capital market transparency, i.e. high information asymmetry. We calculate announcement effects for an international sample of equity rights offerings and show that the negative effect of the discount on announcement effects can only be observed in environments with a low capital market transparency. Hence, our study estimates announcement effects across several different countries and is thus among the first to analyse signalling considerations for equity rights offerings in different transparency environments.

scholarly journals Implicit Interpretation of Indonesian Export Bans on LME Nickel Prices: Evidence from the Announcement Effect

Risks ◽  
2021 ◽  
Vol 9 (5) ◽  
pp. 93
Author(s):  
Byungkwon Lim ◽  
Hyeon Sook Kim ◽  
Jaehwan Park
Keyword(s):  
Metal Exchange ◽  
London Metal Exchange ◽  
Announcement Effect ◽  
Knowledge Gaps ◽  
Indonesian Government ◽  
Interesting Topic ◽  
The Impact

Forecasting of LME (London Metal Exchange) nickel prices remains an interesting topic but lacks consensus. This study aims to fill knowledge gaps by demonstrating the announcement effect of export bans by the Indonesian government. This article focuses on Indonesia because Indonesia produces more than 60% of global nickel ore. We identified the sequence of two episodes in which Indonesian export bans of nickel ore appeared to increase LME nickel prices through the Romer and Romer (1989) approach. The impact of the Indonesian export ban in 2014 is somewhat larger than that of 2019. The shock on the LME nickel market in 2014 was sustained for a while after the ban was implemented. We believe that this is the first export ban that has had unexpected effects within the market.

scholarly journals Evaluating the performance of the Motley Fool’s Stock Advisor™

2017 ◽  
Vol 14 (3) ◽  
pp. 280-290
Author(s):  
Greg Filbeck ◽  
Alexander Lyon ◽  
Xin Zhao
Keyword(s):  
Added Value ◽  
Share Price ◽  
Announcement Effect ◽  
Stock Recommendations ◽  
Holding Period

Since March 2002, The Motley Fool’s founders, David Gardner and Tom Gardner, have published monthly stock recommendations under Motley Fool’s premium Stock Advisor service. In this paper, the authors investigate whether analysts’ recommendations can add value for investors by examining the performance of portfolios constructed based on Motley Fool’s recommendations. They evaluate the announcement effect on share price corresponding to the publication of stock recommendations. Additionally, the researchers examine holding period returns for a portfolio imitating the actions of Stock Advisor. They find portfolios composed of recommendations through Stock Advisor added value initially upon recommendation and across extended holding periods. Additionally, the authors find that the Stock Advisor sample outperforms other sample portfolios on a risk-adjusted basis and over several subperiods. The findings contribute to the literature on the usefulness of analysts’ recommendations in adding value to investors’ portfolios.

scholarly journals Registered report announcement: Effect of cultural adaptation of a smartphone-based self-help programme on its acceptability and efficacy

2020 ◽  
Vol 2 (3) ◽  
Author(s):  
Eva Heim ◽  
Sebastian Burchert ◽  
Mirëlinda Shala ◽  
Marco Kaufmann ◽  
Arlinda Cerga Pashoja ◽  
...  
Keyword(s):  
Cultural Adaptation ◽  
Announcement Effect ◽  
Self Help

Quantifying the WASDE Announcement Effect

2012 ◽  
Vol 94 (1) ◽  
pp. 238-256 ◽  
Author(s):  
Michael K. Adjemian
Keyword(s):  
Announcement Effect
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