Capital market reaction to ad hoc publicity: Evidence from Switzerland - Feldmann, Yvette
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Ad hoc publicity is a compulsory press release of listed companies that contains price sensitive information on the capital market. Too few studies on the impact of ad hoc publicity on the Swiss stock market exist. This book provides an analysis of a comprehensive set of ad hoc news published by the companies listed at SIX Swiss Exchange. It highlights an indicative list of facts that are capable to trigger a significant effect on stock prices. The relevance of information is measured based on absolute abnormal returns around the announcement day with an event study using the approaches of…mehr

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Produktbeschreibung
Ad hoc publicity is a compulsory press release of listed companies that contains price sensitive information on the capital market. Too few studies on the impact of ad hoc publicity on the Swiss stock market exist. This book provides an analysis of a comprehensive set of ad hoc news published by the companies listed at SIX Swiss Exchange. It highlights an indicative list of facts that are capable to trigger a significant effect on stock prices. The relevance of information is measured based on absolute abnormal returns around the announcement day with an event study using the approaches of Carter-Soo and Corrado. The empirical research shows which news categories meet the criteria of price-sensitivity, how the market reactions differ and whether characteristics of the company affect the magnitude of the price effect. It analyses the speed of stock price adjustment and reveals if there is any leakage or anticipation effect. The results help to better understand the impact of ad hoc news on the Swiss stock market prices. Investors will perceive this work as a helpful tool to identify the important information variables. Students will experience the financial models in practice.
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Autorenporträt
Yvette Feldmann holds a diploma in Business Informatics and a Master's Degree in Finance and Accounting. She is working at the University of Fribourg in Switzerland.