継続企業の前提に関する注記の記載解消と株価反応

DOI Web Site

書誌事項

タイトル別名
  • Going Concern Withdrawal Announcements and Stock Price Reaction
  • ケイゾク キギョウ ノ ゼンテイ ニ カンスル チュウキ ノ キサイ カイショウ ト カブカ ハンノウ

この論文をさがす

抄録

This paper investigates stock price reaction to going concern withdrawal announcements in japan. The sample consists of 4 withdrawal announced between 2009 and 2016.Each announcement had to be free of potentially contaminating information that might have affected stock prices. Also, adequate stock price data had to be readily available for all firms. To measure the impact of the announcement, event study method was employed by which normal returns were compared to the raw returns during the announcement period, measuring abnormal returns. Normal returns were calculated for a period prior to the time closely surrounding the withdrawal announcement, adopting mean adjusted model, market adjusted model and market model. To more accurately measure the impact of the announcement, not daily returns but intra-daily returns were used. Results indicate an increase on abnormal returns attributable to the withdrawal announcement in all samples. But soon afterwards intra-daily abnormal returns are reversed in some samples. So the market is likely to over-reaction to withdrawal announcements.

収録刊行物

詳細情報 詳細情報について

問題の指摘

ページトップへ