Autore
Graziano, Elvira Anna

Titolo
I media catturano l'attenzione degli investitori? Il caso delle notizie di operazioni di spin-off
Periodico
Economia dei servizi
Anno: 2014 - Fascicolo: 1 - Pagina iniziale: 43 - Pagina finale: 62

This study investigates the effect of the circulation of spin-off news, published between 2000 and 2012 in the Wall Street Journal (WSJ), and the investors' attention effect on the abnormal returns of companies involved in the deal. The results of the empirical analysis is developed through an event study on a sample of 176 listed companies. They show, firstly, a positive and statistically significant CAAR in the event window (-1,0) and (0,1) for spin-offs whose news were published in the WSJ within a week of the announcement: the most important newspapers seem to affect stock prices while not providing any new information, confirming the findings of existing studies; secondly, a positive and statistically significant CAAR in the event window (-1,1) and (-1,0) for spin-offs with high level of investors' attention in the week around the announcement date.



SICI: 1970-4860(2014)1<43:IMCLDI>2.0.ZU;2-O
Testo completo: http://www.rivisteweb.it/download/article/10.2382/80262
Testo completo alternativo: http://www.rivisteweb.it/doi/10.2382/80262

Esportazione dati in Refworks (solo per utenti abilitati)

Biblioteche ACNP che possiedono il periodico