Information Uncertainty and the Reaction of Stock Prices to News

2010 ◽  
Author(s):  
Paolo Angelini ◽  
Giovanni Guazzarotti
Keyword(s):  
Stock Prices ◽  
Information Uncertainty

Information Uncertainty and the Reaction of Stock Prices to News

2009 ◽  
Author(s):  
Paolo Angelini ◽  
Giovanni Guazzarotti
Keyword(s):  
Stock Prices ◽  
Information Uncertainty

scholarly journals Holidays’ effect and optimism in analyst recommendations: evidence from Europe

2016 ◽  
Vol 13 (3) ◽  
pp. 467-475 ◽  
Author(s):  
Harit Satt
Keyword(s):  
Stock Prices ◽  
Stock Markets ◽  
Downward Trend ◽  
Information Uncertainty ◽  
Analyst Recommendations ◽  
Upward Trend ◽  
Prior Literature ◽  
Day Of The Week ◽  
European Stock Markets

This paper documents Holidays effect in analyst recommendations in European stock markets (Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Spain, and Sweden) during the period between 2003 and 2014. Our results indicate that analysts issue overly pessimistic recommendations on pre-holidays and overly optimistic recommendations on post-holidays (Christmas, Halloween and valentine). Our results are consistent with prior literature on day-of-the-week effect that documents upward trend in stock prices during the week and downward trend in stock prices over the weekend. We argue that by issuing bulk of favorable (optimistic) recommendations on Post-Holidays, analysts may hope to benefit from upward trend in stock prices. Similarly, by issuing bulk of unfavorable (pessimistic) recommendations on pre-holidays, analysts may hope to benefit from downward trend in stock prices. Moreover, we also show that our results are more pronounced in firms with higher information uncertainty and among less experienced analysts

Internal Control Weaknesses and Information Uncertainty

2008 ◽  
Vol 83 (3) ◽  
pp. 665-703 ◽  
Author(s):  
Messod Daniel Beneish ◽  
Mary Brooke Billings ◽  
Leslie D. Hodder
Keyword(s):  
Financial Reporting ◽  
Internal Control ◽  
Stock Prices ◽  
Cost Of Capital ◽  
Abnormal Returns ◽  
Securities Regulation ◽  
Regulation System ◽  
Information Uncertainty ◽  
Section 404 ◽  
Section 302

We analyze a sample of 330 firms making unaudited disclosures required by Section 302 and 383 firms making audited disclosures required by Section 404 of the Sarbanes-Oxley Act. We find that Section 302 disclosures are associated with negative announcement abnormal returns of −1.8 percent, and that firms experience an abnormal increase in equity cost of capital of 68 basis points. We conclude that Section 302 disclosures are informative and point to lower credibility of disclosing firms' financial reporting. In contrast, we find that Section 404 disclosures have no noticeable impact on stock prices or firms' cost of capital. Further, we find that auditor quality attenuates the negative response to Section 302 disclosures and that accelerated filers—larger firms required to file under Section 404—have significantly less negative returns (−1.10 percent) than non-accelerated filers (−4.22 percent). The findings have implications for the debate about whether to implement a scaled securities regulation system for smaller public companies: material weakness disclosures are more informative for smaller firms that likely have higher pre-disclosure information uncertainty.

The Effect of Current Ratio and Debt to Asset Ratio on Net Profit Margin and Stock Prices: A Study of Basic Industry and Chemicals Companies

2020 ◽  
pp. 282-294
Author(s):  
Sudirman S ◽  
Muhammad Wahyuddin Abdullah ◽  
Muhammad Obie
Keyword(s):  
Stock Prices ◽  
Stock Exchange ◽  
Secondary Data ◽  
Profit Margin ◽  
Current Ratio ◽  
Industry Sector ◽  
Basic Industry ◽  
Net Profit ◽  
Equity Ratio ◽  
Index Value

This study examined the effect of current ratio and debt to asset ratio on net profit margin and stock prices of the sector basic industry and chemicals companies listed on the Indonesia Stock Exchange in the period 2015-2019. The object of research was the stock prices of companies in the Basic Industry and Chemicals sector, which have been published through the official website of the Indonesian capital market. It was used secondary data derived from the monthly statistics, including Current Ratio data, Net Profit Margin, Debt to Asset Ratio, and data on closing prices for the period 2015-2019. In analyzing data, it was used path analysis of secondary data obtained from the basic industry sector financial statements of 60 companies. The company's performance in this sector is considered quite good when seen from the movement of the index value in the last five years. The results show that direct current ratio had a positive and significant effect on the net profit margin, and the debt to equity ratio did not significantly influence the net profit margin. The current ratio has a positive and significant effect on stock prices, and the debt to equity ratio has a negative and not significant effect on stock prices. In contrast, the net profit margin has a significant effect on stock prices in the basic industry sector companies on the Indonesia Stock Exchange. Indirectly the current ratio has a positive and significant effect on stock prices. In contrast, the debt to asset ratio has a negative and not significant effect on the company's stock prices in the basic industry sector on the Indonesia Stock Exchange.

An Empirical Investigation of Factors Affecting Stock Prices in Vietnam

2014 ◽  
pp. 74-89 ◽  
Author(s):  
Vinh Vo Xuan
Keyword(s):  
Exchange Rates ◽  
Crude Oil ◽  
Foreign Exchange ◽  
Stock Prices ◽  
Global Financial Crisis ◽  
Oil Prices ◽  
Foreign Exchange Rates ◽  
Factors Affecting ◽  
Crude Oil Prices ◽  
Before And After

This paper investigates factors affecting Vietnam’s stock prices including US stock prices, foreign exchange rates, gold prices and crude oil prices. Using the daily data from 2005 to 2012, the results indicate that Vietnam’s stock prices are influenced by crude oil prices. In addition, Vietnam’s stock prices are also affected significantly by US stock prices, and foreign exchange rates over the period before the 2008 Global Financial Crisis. There is evidence that Vietnam’s stock prices are highly correlated with US stock prices, foreign exchange rates and gold prices for the same period. Furthermore, Vietnam’s stock prices were cointegrated with US stock prices both before and after the crisis, and with foreign exchange rates, gold prices and crude oil prices only during and after the crisis.

The Effect of Macroeconomic Variables on Stock Prices in Emerging Stock Market : Empirical Evidence From India

2011 ◽  
Vol 4 (6) ◽  
pp. 1-4
Author(s):  
Dr.V.Ramanujam Dr.V.Ramanujam ◽  
◽  
L.Leela L.Leela
Keyword(s):  
Stock Market ◽  
Empirical Evidence ◽  
Stock Prices ◽  
Macroeconomic Variables

Mutual Fund Herding and the Impact on Stock Prices

CFA Digest ◽  
1999 ◽  
Vol 29 (4) ◽  
pp. 48-49
Author(s):  
H. Kent Baker
Keyword(s):  
Mutual Fund ◽  
Stock Prices ◽  
The Impact

Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?

CFA Digest ◽  
1997 ◽  
Vol 27 (1) ◽  
pp. 14-16 ◽  
Author(s):  
Frank T. Magiera
Keyword(s):  
Stock Prices ◽  
Cash Flows ◽  
Future Earnings
Sign in / Sign up

Export Citation Format

Share Document