Parameter
Kategorien
Mehr zum Buch
A large body of finance literature documents long-term abnormal returns following corporate events. The existence of long-term abnormal returns suggests inefficiency of capital markets and was soon challenged by defenders of the efficient market hypothesis on methodological grounds. Reflecting this debate, Christian Fölster performs a comprehensive analysis of the long-term share price performance around initial public offerings (IPOs), seasoned equity offerings (SEOs) and share repurchase announcements in Germany and measures long-term performance in the two debated methodologies: event time and calendar time. While Christian Fölster can identify abnormal returns for IPOs and SEOs when measuring in event time, these results are not robust enough to support a switch to calendar time methodology. For share repurchases, Fölster cannot find any evidence of long-term abnormal returns in the German data, neither when he applies the event-time methodology nor when applying the calendar-time approach. Overall, the evidence on long-term performance following IPOs, SEOs, and share repurchase announcements is, thus, not sufficient to reject the hypothesis of market efficiency for Germany.
Buchkauf
Long-term abnormal returns following selected corporate events, Christian Fölster
- Sprache
- Erscheinungsdatum
- 2007
- product-detail.submit-box.info.binding
- (Paperback)
Lieferung
Zahlungsmethoden
Feedback senden
- Titel
- Long-term abnormal returns following selected corporate events
- Sprache
- Englisch
- Autor*innen
- Christian Fölster
- Verlag
- Tectum-Verl.
- Erscheinungsdatum
- 2007
- Einband
- Paperback
- ISBN10
- 3828892833
- ISBN13
- 9783828892835
- Kategorie
- Skripten & Universitätslehrbücher
- Beschreibung
- A large body of finance literature documents long-term abnormal returns following corporate events. The existence of long-term abnormal returns suggests inefficiency of capital markets and was soon challenged by defenders of the efficient market hypothesis on methodological grounds. Reflecting this debate, Christian Fölster performs a comprehensive analysis of the long-term share price performance around initial public offerings (IPOs), seasoned equity offerings (SEOs) and share repurchase announcements in Germany and measures long-term performance in the two debated methodologies: event time and calendar time. While Christian Fölster can identify abnormal returns for IPOs and SEOs when measuring in event time, these results are not robust enough to support a switch to calendar time methodology. For share repurchases, Fölster cannot find any evidence of long-term abnormal returns in the German data, neither when he applies the event-time methodology nor when applying the calendar-time approach. Overall, the evidence on long-term performance following IPOs, SEOs, and share repurchase announcements is, thus, not sufficient to reject the hypothesis of market efficiency for Germany.