Is Social Media the New Prophet in the Capital Market?: An Event Study Analysis

2017 ◽  
Vol 7 (3) ◽  
pp. 80
Author(s):  
Vidusi Saraf ◽  
Lalitagauri Kulkarni
Keyword(s):  
Social Media ◽  
Event Study ◽  
Capital Market ◽  
Study Analysis ◽  
The Capital Market

The effect of CEO characteristics on financial reporting timeliness in Saudi Arabia

Accounting ◽  
2021 ◽  
Vol 7 (6) ◽  
pp. 1265-1274 ◽  
Author(s):  
Hela Borgi ◽  
Wafa Ghardallou ◽  
Maha AlZeer
Keyword(s):  
Social Media ◽  
Saudi Arabia ◽  
Financial Reporting ◽  
Capital Market ◽  
Boards Of Directors ◽  
Alternative Measure ◽  
Financial Reports ◽  
Financial Expertise ◽  
Ceo Characteristics ◽  
The Capital Market

The purpose of this paper is to examine the effect of some demographic characteristics of the Chief Executive Officer (CEO) on Financial Reporting Timeliness (FRT) in Saudi Arabia. More particularly, this study aims to test whether or not CEO characteristics, namely, tenure, accounting financial expertise, and sociability are associated with FRT. The sample of this study consists of 119 non-financial firms listed on Tadawul Stock Exchange for a period of four years (2014-2017). We use panel regressions and two proxies of FRT. Our findings report that a long-tenured CEO is associated with timely financial reports when the IFRS transition is simultaneously considered. This result implies that companies with a long-tenured CEO reduce the period taken to prepare and disclose their financial reports in the period of IFRS transition. Our findings show that CEO accounting financial expertise is significantly associated with timely financial reporting. This result implies that companies with a CEO who is an accounting financial expert reduce the period taken to prepare and disclose their financial reports on the capital market website. Our findings also report that CEO sociability is significantly associated with timely financial reporting in all instances. This result suggests that companies with a more sociable CEO reduce the period taken to prepare and disclose their financial reports on the capital market website. This result implies that when the CEO is more sociable via social media, firms tend to be more active in disclosing their annual reports timely. Overall, findings report that CEO characteristics do matter regarding the timeliness of financial reporting. Results are robust to an alternative measure of financial reporting timeliness. Our findings should be of interest to policymakers and regulators in Saudi Arabia in formulating new policies as they need to play a role in ensuring the shorter gap of financial report delay. The findings of this research have also a practical implication for shareholders and boards of directors in selecting a new CEO by taking into consideration their accounting financial expertise and their sociability on social media. Findings of this research contribute to the growing literature by examining the effect of CEO characteristics on timely reporting in Saudi Arabia, an understudied and unique context. The present study also complements the recent literature on the determinants of financial reporting timeliness by providing evidence that the sociability and accounting financial expertise of top leaders improve the financial reporting timeliness.

scholarly journals Notícias do mercado de capitais e janelas de eventos para adesões e migrações aos NDGCs

2018 ◽  
Vol 17 (1) ◽  
pp. 245-282
Author(s):  
Ricardo Adriano Antonelli ◽  
Ademir Clemente ◽  
Romualdo Douglas Colauto
Keyword(s):  
Corporate Governance ◽  
Qualitative Analysis ◽  
Event Study ◽  
Market News ◽  
Capital Market ◽  
Event Studies ◽  
The Capital Market

Resumo: Neste artigo teve-se como objetivo analisar a influência das notícias relacionadas ao mercado de capitais na determinação da janela do evento para adesões e migrações aos Níveis Diferenciados de Governança Corporativa (NDGCs) da B3 (Brasil, Bolsa, Balcão). A metodologia emprega quatro etapas: determinação do melhor tamanho da janela para 104 empresas; análise do tamanho das janelas consideradas outliers; análise qualitativa das notícias referentes à janela do evento para os outliers, com base no Bloomberg®; e aplicação do Estudo de Eventos para os casos considerados outliers. Os resultados encontrados indicaram uma tendência de pequenas janelas, limitadas a 5-5 dias para cerca de 59,6% dos casos. Para os 42 casos considerados outliers, isto é, janela maior que 5-5 dias, foram encontradas notícias para 61,9%, dos quais apenas 6 casos apresentaram dummies significativas no Estudo de Eventos. A metodologia utilizada conseguiu explicar 68 casos em que houve adesão, migração ou notícia.Palavras-chave: Governança Corporativa. Estudo de eventos. Janelas de eventos. Notícias. Capital market news and windows of events for accessions and migrations to NDGCs Abstract: This article aims to analyze the influence of news related to the capital market in determining the window of the event for accessions and migrations to the BM&FBovespa NDGCs. Four steps are followed: determinig the best size of the window for 104 companies; analysing the size of the Windows which are considered outliers; qualitative analysis of the news related to the window of events for outliers, based on Bloomberg®; and application of the Event Studies for the cases considered outliers. The results of the study indicated a tendency of small windows, limited to 5-5 days for about 59.6% of the cases. For the 42 cases considered outliers, i.e, window bigger than 5-5 days, news was found for 61.9%, from which just 6 ones got meaningful dummies in the Event Study. Even though, the applied methodology succeded explaining 68 of the cases in which there was accession, migration or news.Keywords: Corporate Governance. Windows of Events. Janelas de eventos. News.

scholarly journals Reaksi pasar modal Indonesia terhadap peristiwa virus Corona

2021 ◽  
Vol 5 (1) ◽  
pp. 43-58
Author(s):  
Khaulis nia hidayah Khaulis
Keyword(s):  
Event Study ◽  
Capital Market ◽  
Stock Price ◽  
Sampling Technique ◽  
Study Analysis ◽  
Analysis Method ◽  
Samples And Sampling ◽  
Research Period ◽  
Observation Period

This research uses the event study analysis method (evet study), the research period used for 44 days with the observation period used in this study is t-3 (the day before the announcement) and t + 3 (the day after the announcement) coronavirus events enter Indonesia. The sample in this study focused on the CSPI during the observation period in the form of daily stock price closing data. The events examined were non-economic events, namely the Coronavirus or covid 19 that affected the capital market. The population in this study are all companies listed on the IDX on the LQ45 index. The sampling technique in this study uses accidental sampling. In accidental sampling that is the determination of samples based on coincidence or anyone who happens to meet with researchers can be used with samples and sampling is not determined in advance, so researchers simply collect data from sampling units that are met or already exist.    

scholarly journals Horizontal and vertical takeover and sell-off announcements: Abnormal returns differ by industry

2006 ◽  
Vol 3 (2) ◽  
pp. 23-30 ◽  
Author(s):  
Stephan K.H. Gross ◽  
Hagen Lindstädt
Keyword(s):  
Event Study ◽  
Capital Market ◽  
Abnormal Returns ◽  
Shareholder Wealth ◽  
Specific Pattern ◽  
Market Model ◽  
Wealth Effects ◽  
Study Analysis ◽  
Cumulative Abnormal Returns ◽  
Data Points

We begin with the hypothesis that shareholder-wealth effects of corporate transactions differ depending on (a) the specific industry, (b) whether they are horizontal or vertical, and (c) whether they are integrations (takeovers) or disintegrations (partial sell-offs). A standard event study analysis for cumulative abnormal returns based on the market model is conducted for 309 data-points from 227 transaction announcements. We find that abnormal returns indeed do significantly depend on the transaction profile (horizontal vs. vertical and integration vs. disintegration) and industry. One main result is the observation that the capital market shows distinctive preferences for either an integration or disintegration strategy for vertical as well as for horizontal transactions. The specific pattern of this preference differs according to industry

scholarly journals Pengaruh Pelaksanaan Pemilu Presiden Indonesia Tahun 2019 Terhadap Return Saham JII70 di Indonesia

2020 ◽  
Vol 4 (2) ◽  
pp. 146-168
Author(s):  
Erika Adevia Fendiyani ◽  
Dewi Zulia Kunthi ◽  
Kharis Fadlullah Hana
Keyword(s):  
Stock Returns ◽  
Event Study ◽  
Capital Market ◽  
Presidential Election ◽  
Stock Prices ◽  
Economic Environment ◽  
Presidential Candidate ◽  
Political Events ◽  
Economic Instrument ◽  
The Capital Market

Abstract The capital market an economic instrument is inseparable from the influence of the environment, both the economic environment and the non-economic environment. Political events are of the non-economic risks that can influence investors’ decisions to invest in the capital market. The purpose of this article is to determine the effect of the 2019 Indonesian presidential election on stock returns when a prospective presidential candidate will be determined before the presidential election, during the implementation, and also after the implementation of listed on JII70. The population in this study are companies whose shares are listed in the JII70 index. This research uses event study. The results showed that there was an investors’ where 7 days before and 7 days after 17 April 2019 elections were held simultaneously. This research shows that the presidential election events in 2019 significant on returns and stock prices in several companies incorporated in the JII70 index. Keyword: Capital Market, Return, Presidential Election. Abstrak Pasar modal sebagai salah satu instrumen ekonomi tidak terlepas dari pengaruh lingkungan, baik lingkungan ekonomi maupun lingkungan non-ekonomi. Peristiwa politik merupakan salah satu risiko non-ekonomi yang dapat mempengaruhi keputusan investor untuk berinvestasi di pasar modal. Tujuan artikel ini untuk mengetahui pengaruh pemilu presiden Indonesia tahun 2019 terhadap return saham ketika akan ditentukannya bakal calon presiden sebelum pelaksanaan pemilihan umum presiden, pada saat pelaksanaan, dan juga sesudah pelaksanaannya terhadap saham-saham yang terdaftar didalam indeks JII70. Populasi dalam penelitian ini adalah perusahaan yang sahamnya tercatat didalam indeks JII70. Penelitian ini menggunakan even study (studi peristiwa). Hasil penelitian menunjukkan bahwa ada reaksi investor di mana 7 hari sebelum dan 7 hari sesudah tanggal 17 April 2019 pemilu serentak. Penelitian ini menunjukkan bahwa peristiwa pemilu presiden pada tahun 2019 menunjukkan hasil yang cukup signifikan terhadap return dan harga saham dibeberapa perusahaan yang tergabung di indeks JII70. Kata Kunci: Pasar Modal, Return, Pemilu Presiden.

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