预算公告对印度股票价格的影响

IF 0.1 Q4 MANAGEMENT Asian Journal of Management Cases Pub Date : 2023-03-31 DOI:10.52711/2321-5763.2023.00010
T. Manjunatha, Zahid Hassan Kharuri
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引用次数: 0

摘要

工会公布结构性改革预算后,股价会迅速做出反应。本文运用事件研究法检验了工会预算公告对股票价格的影响。使用市场模型、异常收益(AR)、平均异常收益(AAR)和累积平均异常收益(CAAR)对事件发生前15天和事件发生后15天的反应进行测试。结果表明,在事件窗口的大部分时间里,CAARs都是显著的。研究结果支持了预算公告包含信息价值的预测,因此交易者可以在印度资本市场的预算公告中获得异常收益。
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Effects of Budget Announcement on Stock Prices in the Indian Context
The stock prices are quick to respond to announcements of union budgets for structural reforms. The paper tests the effects of union budget announcement on stock prices by applying event study methodology. The reactions are tested using market model, Abnormal Returns (AR), Average Abnormal Returns (AAR) and Cumulative Average Abnormal Returns (CAAR) for 15 days prior and 15 days after the event date. Result show that CAARs are significant for most of the days in the event window. The findings support the prediction that budget announcement contains information value and therefore traders can earn abnormal gain on budget announcements in Indian capital market.
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来源期刊
CiteScore
0.70
自引率
0.00%
发文量
27
期刊介绍: Asian Journal of Management Cases is a peer-reviewed journal that aims at providing high-quality teaching material to academics, consultants, and management developers, through cases on management practices in the socioeconomic context of developing Asian countries. The journal covers all administrative disciplines including accounting and finance, business ethics, production and operations management, entrepreneurship, human resource management, management information systems, marketing, organizational behaviour, strategic management, and managerial economics. Each issue of Asian Journal of Management Cases comprises four to five original case studies. Teaching cases should be accompanied with a Teaching Note (TN). Even though the TN will not be published, it is necessary for the review process and can be obtained by contacting the authors directly. Please refer to the online submission guidelines for details on writing a teaching note. AJMC does not publish pure research or applied research based on field studies (not case studies). The journal is published in March and September every year with thematically focused issues occasionally.
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