دورية أكاديمية
FOREIGN EQUITY AND MARKET OVERREACTION
| العنوان: | FOREIGN EQUITY AND MARKET OVERREACTION |
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| المؤلفون: | Stephen Larson, Jeff Madura, Aigbe Akhigbe |
| المصدر: | Global Business and Finance Review, Vol 6, Iss 1, Pp 1-11 (2001) |
| بيانات النشر: | People & Global Business Association (P&GBA), 2001. |
| سنة النشر: | 2001 |
| المجموعة: | LCC:Business LCC:Finance |
| مصطلحات موضوعية: | foreign equity, market overreaction, american depository receipts, closed-end mutual funds, initial price change, Business, HF5001-6182, Finance, HG1-9999 |
| الوصف: | This study examines abnormal returns after extreme share price changes pursuant to American depository receipts (J/ DRs) ond international closed-end mutual.funds. The results may be especially relevant for market participants who are presently monitoring abrupt price movements in foreign securities and markets. For ADRs it appears that investors are too optimistic in their assessment of extreme price changes. Specifically. an under-reoction phenomenon is associated with extreme price declines (losers) and an overreaction phenomenon is associated with extreme price increases (winners). This finding is contrary to the overreaction hypothesis that predicts the market reacts too strongly to negative and po ·itive news, and is also contrary to the uncertoin information hypothesis that predicts stock prices increase ajier extreme price changes. For international closed-end mutual funds, the overreaction phenomenon is associated with losers and winners. Cross-sectional regression analyses are conducted to examine the effects ofthe initial price change, size (market value). information leakage, change in the year effects, and the Monday effect. There is evidence that the degree ofoverreaction is positively related ro the degree ofinformation leakage and the magnitude ofthe initial price change. |
| نوع الوثيقة: | article |
| وصف الملف: | electronic resource |
| اللغة: | English |
| تدمد: | 1088-6931 2384-1648 |
| Relation: | http://www.gbfrjournal.org/pds/journal/thesis/20150624171909-8HJ3Q.pdf; https://doaj.org/toc/1088-6931; https://doaj.org/toc/2384-1648 |
| URL الوصول: | https://doaj.org/article/1700391e86b94e36b7178ebb3b57c207 |
| رقم الأكسشن: | edsdoj.1700391e86b94e36b7178ebb3b57c207 |
| قاعدة البيانات: | Directory of Open Access Journals |
Full Text Finder | تدمد: | 10886931 23841648 |
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