scholarly journals The Investors Reaction to the Disclosure of Key Audit Matters: Empirical Evidence from Jordan

2019 ◽  
Vol 12 (3) ◽  
pp. 50
Author(s):  
Mohammad Abdullah Fayad Altawalbeh ◽  
Mohammad Eid Sleem Alhajaya
Keyword(s):  
Content Analysis ◽  
Event Study ◽  
Trading Volume ◽  
Stock Exchange ◽  
Final Sample ◽  
Amman Stock Exchange ◽  
Study Test ◽  
Abnormal Trading Volume ◽  
Informational Value ◽  
Study Hypothesis

This study aims to examine the investors reaction to the disclosure of key audit matters (KAMs) as mandated by ISA701, the study’s sample consisted of all the (195) public shareholding companies listed in Amman Stock Exchange (ASE) as at the end of 2017, and through which we have conducted a manual content analysis to tracing the auditor practices in reporting KAMs, the final sample consisted of (128) public shareholding companies and for which we used the event study test to examine the study hypothesis, results revealed that the disclosure of KAMs has significantly affected the investors decisions measured by the abnormal trading volume, Our findings suggest that the mandating of KAM’s disclosure has informational value to the investors.

META-ANALYSIS ON AMERICAN PRESIDENTIAL ELECTION - 2016 AND AMERICAN STOCK MARKET

2020 ◽  
Vol 38 (1) ◽  
Author(s):  
Farhan Ahmed ◽  
Salman Bahoo ◽  
Sohail Aslam ◽  
Muhammad Asif Qureshi
Keyword(s):  
Content Analysis ◽  
Stock Market ◽  
Event Study ◽  
Presidential Election ◽  
Republican Party ◽  
Stock Exchange ◽  
Meta Analysis ◽  
Composite Index ◽  
Stock Index ◽  
Political Event

This paper aims to analyze the efficient stock market hypothesis as responsive to American Presidential Election, 2016. The meta-analysis has been done combining content analysis and event study methodology. The all major newspapers, news channels, public polls, literature and five important indices as Dow Jones Industrial Average (DJIA), NASDAQ Stock Market Composit Indexe (NASDAQ-COMP), Standard & Poor's 500 Index (SPX-500), New York Stock Exchange Composite Index (NYSE-COMP) and Other U.S Indexes-Russell 2000 (RUT-2000) are critically examined and empirically analyzed. The findings from content analysis reflect that stunned winning of Mr Trump from Republican Party worked as shock for American stock market. From event study, findings confirmed that all the major indices reflected a decline on winning of Trump and losing of Ms. Clinton from Democratic. The results are supported empirically and practically through the political event like BREXIT that resulted in shock to Global stock index and loss of $2 Trillion.

Disposition effect at the market level: evidence from Indian stock market

2019 ◽  
Vol 12 (2) ◽  
pp. 69-82
Author(s):  
Sravani Bharandev ◽  
Sapar Narayan Rao
Keyword(s):  
Trading Volume ◽  
Stock Exchange ◽  
Reference Points ◽  
Disposition Effect ◽  
Content Type ◽  
Ex Post ◽  
Abnormal Trading Volume ◽  
The Difference ◽  
Trading Volumes ◽  
Indian Stock Market

Purpose The purpose of this paper is to test the disposition effect at market level and propose an appropriate reference point for testing disposition at market level. Design/methodology/approach This is an empirical study conducted on 500 index stocks of NSE500 (National Stock Exchange). Winning and losing days for each stock are calculated using 52-week high and low prices as reference points. To test disposition effect, abnormal trading volumes of stocks are regressed on their percentage of winning (losing) days. Further using ANOVA, the difference between mean of percentage of winning (losing) days of high abnormal trading volume deciles and low abnormal trading volume deciles is tested. Findings Results show that a stock’s abnormal trading volume is positively influenced by the percentage of winning days whereas percentage of losing days show no such effect. Findings are consistent even after controlling for volatility and liquidity. ANOVA results show the presence of high percentage of winning days in higher deciles of abnormal trading volumes and no such pattern in case of losing days confirms the presence of disposition effect. Further an ex post analysis indicates that disposition prone investors accumulate losses. Originality/value This is the first study, which proposes the use of 52-week high and low prices as reference points to test the market-level disposition effect. Findings of this study enhance the limited literature available on disposition effect in emerging markets by providing evidence from Indian stock markets.

scholarly journals The Market Reaction Around Ex-Dates of Stock Splits Before and After Decimalization

2005 ◽  
Vol 08 (02) ◽  
pp. 201-216 ◽  
Author(s):  
Robin K. Chou ◽  
Wan-Chen Lee ◽  
Sheng-Syan Chen
Keyword(s):  
New York ◽  
Stock Price ◽  
Trading Volume ◽  
Stock Exchange ◽  
New York Stock Exchange ◽  
Short Term ◽  
Tick Size ◽  
York Stock Exchange ◽  
Before And After ◽  
Abnormal Trading Volume

This paper examines the stock price behavior around the ex-split dates both before and after the decimalization on the New York Stock Exchange (NYSE). We find that the abnormal ex-split day returns decrease and the abnormal trading volume increases in the 1/16th and decimal pricing eras, relative to the 1/8th pricing era. These findings are consistent with the microstructure-based explanations for the ex-day price movements. Our study also supports the hypothesis that short-term traders perform arbitrage activities during the ex-split dates when transaction costs become lower after the tick size is reduced.

scholarly journals Do Regional Election and Presidential Election Affect Stock Exchange? An Event Study in the Indonesian Stock Exchange

2021 ◽  
Vol 7 (1) ◽  
pp. 71-80
Author(s):  
Khanifah Khanifah ◽  
Agus Triyani ◽  
Suhita Whini Setyahuni
Keyword(s):  
Event Study ◽  
Capital Market ◽  
Trading Volume ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
T Test ◽  
Democratic Politics ◽  
Paired Samples ◽  
Before And After ◽  
Regional Elections

The 2018 simultaneous regional election in Indonesia is something new in the events of democratic politics in Indonesia. The events of the 2018 simultaneous regional election is one of the important events in 2018 that can cause a reaction of capital market to these events. This study aims to examine how the capital market reacts to the simultaneous regional elections in 2018 and presidential elections in 2019, by looking at the differences in the preceding and following periods based on 2 variables, namely abnormal return and trading volume activity. The sample in this study were 30 companies listed in the Indonesian Stock Exchange during 30 periods from February through July 2018. Research Methode This study used an event study. One paired samples T test was used as a technique analysis. The means of each variable within eleven days period was compared. The period of observation is five days before the event, five days after the event, and one day on event day. Based on the results of the parametric statistical calculations, the paired sample t-test showed that there was no difference between the level of abnormal returns before and after the 2018 simultaneous regional elections. On the other hand, there was a difference between trading volume of activity before and after the 2018 simultaneous regional elections.

scholarly journals PERUBAHAN ABNORMAL RETURN DAN VOLUME PERDAGANGAN PADA HARI SEKITAR CUM-DIVIDEND DATE DI BURSA EFEK INDONESIA

BISMA ◽  
2018 ◽  
Vol 12 (3) ◽  
pp. 403
Author(s):  
Eka Lavista ◽  
Elok Sri Utami ◽  
Novi Puspitasari
Keyword(s):  
Event Study ◽  
Abnormal Return ◽  
Trading Volume ◽  
Stock Exchange ◽  
Volume Activity ◽  
Public Companies ◽  
Purposive Sampling ◽  
The Right ◽  
Stock Volume ◽  
Sampling Approach

Abstract: The purpose of this study is to examine the changes of the stock pricesand stock volume traded on the Indonesia Stock Exchange (IDX) on the last daywhere the shareholders would still posses the right to dividends (cum-dividenddate). The population of this study was all public companies listed in the IDX in2013 that distributed their dividends continuously from 2014 to 2016. The sampleconsisted of 118 companies collected by using purposive sampling approach. Theresults showed that there was a difference of abnormal return and trading volumeactivity on the days around the cum-dividend date.Keywords: dividen, cum-dividend date, abnormal return, trading volume activity,event study.Abstrak: Tujuan penelitian ini adalah untuk menganalisis perubahan harga sahamdan volume saham yang diperdagangkan di Bursa Efek Indonesia (BEI) pada hariterakhir dimana pemegang saham masih akan berhak atas dividen (cum-dividenddate). Populasi penelitian ini adalah seluruh perusahaan go public pada tahun2013 yang terdaftar di BEI yang membagikan dividen secara terus menerus padatahun 2014 sampai 2016. Sampel penelitian terdiri dari 118 perusahaan yangdiambil dengan pendekatan purposive sampling. Hasil penelitian menunjukkanbahwa terdapat perbedaan abnormal return dan trading volume activity pada harihari sekitar cum-dividend date.Kata kunci: dividen, cum-dividend date, abnormal return, trading volume activity,event study.

scholarly journals Dampak Devaluasi Yuan Pada 11 Agustus 2015 Terhadap Abnormal Return Dan Abnormal Trading Volume Activity Saham Yang Tercatat Di Jakarta Islamic Index JII)

2017 ◽  
Vol 3 (2) ◽  
pp. 127
Author(s):  
Windiya Saputri ◽  
Leo Herlambang
Keyword(s):  
Event Study ◽  
Capital Market ◽  
Abnormal Return ◽  
Trading Volume ◽  
T Test ◽  
Volume Activity ◽  
Paired Sample ◽  
Study Results ◽  
Event Study Method ◽  
Abnormal Trading Volume

Government-related announcement is one of the determinants that potentially affect capital market. This research aims to see the reaction of stock market to Yuan Devaluation on August, 11 2015. The market reaction in this study is indicated by the presence of abnormal retun and abnormal trading volume activty. The approach taken in this research is the quantitative approach with event study method by using one sample t-test and paired sample t-test analysist. The variables in this research are Yuan Devaluation, AAR, and AATVA. The issuers observed in this research are stock listed on JII during the period of study. Results showed that stock listed on JII reacted to Yuan Devaluation, that is showed by significant results both in the AAR and AATVA, which means Yuan Devaluation bears valuable information for investor.

scholarly journals Reaksi Pasar terhadap Publikasi Opini Wajar Tanpa Pengecualian dengan Paragraf Penekanan Suatu Hal

2020 ◽  
Vol 30 (12) ◽  
pp. 3136
Author(s):  
Ni Kadek Ayu Semitayani ◽  
Ni Ketut Rasmini
Keyword(s):  
Information Content ◽  
Event Study ◽  
Abnormal Return ◽  
Trading Volume ◽  
Market Reaction ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Sampling Technique ◽  
Manufacturing Companies ◽  
Volume Activity

This study aims to examine the information content by looking at the market reaction to the publication of unqualified opinion with the paragraph emphasizing a matter as measured by abnormal returns and trading volume activity. This research is an event study with an observation period of 7 stock exchange days. The population in this study were manufacturing companies listed on the IDX in 2016-2018, totaling 177 companies. The sampling method used non-probability sampling with purposive sampling technique, in order to obtain a sample of 23 companies with 33 audited financial reports. The data analysis technique used paired samplesxt-test. The results of this study indicate that there is no difference in average abnormal return and average trading volume activity before and after the publication of unqualified opinion with an emphasis on a paragraph. This indicates that the publication of an unqualified opinion with an emphasis on a subject paragraph does not cause a market reaction because there is no information content on the event.  Keywords: Event Study; Abnormal Return; Trading Volume Activity.

scholarly journals DAMPAK COVID-19 TERHADAP ABNORMAL RETURN DAN VOLUME PERDAGANGAN SAHAM

2022 ◽  
Vol 18 (1) ◽  
pp. 160-181
Author(s):  
Elvina Cahya Suryadi ◽  
Nungky Viana Feranita
Keyword(s):  
Natural Disaster ◽  
Event Study ◽  
Abnormal Return ◽  
Trading Volume ◽  
Quantitative Research ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Volume Activity ◽  
Before And After ◽  
Disaster Event

The COVID-19 pandemic is a non-natural disaster that has a huge impact around the world. This research is a quantitative research with event study method. The purpose of this research is to test the capital market reaction by looking at abnormal returns and trading volume activity before and after the COVID-19 non-natural disaster. The event day in this study was April 13rd, 2020 when the Presidential Decree was issued regarding the designation of COVID-19 as a national disaster. Using purposive sampling method, the sample of this study were 27 companies engaged in the hotel, restaurant, and tourism sub-sectors listed on the Indonesia Stock Exchange. The event period is 11 days, namely 5 days before the event, 1 day at the time of the event and 5 days after the event. Data analysis using t-test and wilxocon signed ranks test. The results of this study are: 1) there is no abnormal return during the event period, 2) there is no difference in the average abnormal return before and after the COVID-19 non-natural disaster event, 3) there is no difference in the average trading volume activity before and after the COVID-19 non-natural disaster event and after the COVID-19 non-natural disaster event. Keywords: Event Study, Abnormal Return, Trading Volume Activity, COVID-19.

scholarly journals Efek Pemilu Presiden Terhadap Volume Perdagangan Saham di Pasar Modal Indonesia

2021 ◽  
Vol 1 (1) ◽  
pp. 1
Author(s):  
Citra Puspa Permata ◽  
Muhammad Abdul Ghoni
Keyword(s):  
Event Study ◽  
Presidential Election ◽  
Trading Volume ◽  
Stock Exchange ◽  
Statistical Tests ◽  
Average Difference ◽  
Volume Activity ◽  
Stock Trading ◽  
Additional Information ◽  
Significant Difference

The “reason for this research is to see the average difference of stock trading volume activity after and before the implementation of the Presidential Election. This research uses an event study, where the research is conducted for 7 working days after up to 7 working days before the implementation of the presidential election. This study uses additional information obtained from the Indonesia Stock Exchange. The information used in this test includes a list of LQ45 shares, daily trading volume, and number of shares outstanding. While the samples used are stocks that are included in the LQ45 list on the Indonesia Stock Exchange.”The results showed that from the results of statistical tests on the average difference of stock trading volume activity after and before the implementation of the presidential election, there was a significant difference to the average stock trading volume activity after and before the implementation of the presidential election.

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