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Nearly one‐third of asset sale announcements are preceded by a public statement of the intent to sell. These voluntary disclosures generate significant average returns of 1.1%. Pre‐announcements bias returns around the actual asset sales toward zero. Due to opportunistic managerial behavior, pre‐announcements occur after poor stock performance and CEO turnover. Managers also opportunistically exercise options around the pre‐announcements and receive potential benefits from the uptick in stock prices. Although we find no effect of pre‐announcements on long‐term operational performance, we do observe a negative effect on stock returns using three and four‐factor models. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to provide insights into different aspects of the extant literature on the effects of dividend announcements. Along with other outputs of a bibliometric study, this study provides deeper insights into the concentration of the extant literature and suggest future research agendas. Design/methodology/approach: This study uses the bibliometric, network and content analysis of the dividend announcement literature indexed in Scopus. This study presents the temporal analysis, the network of authors, countries, author citations and the co-occurrence of author keywords. This study provides the concentration of the extant literature in three clusters and unearth some key future research areas. This study uses the latent Dirichlet allocation method for robustness. Findings: A total of 54 documents examining the US sample have received 1,804 citations. Interestingly, the first article on emerging markets was published in 2002, when at least 34 articles on developed markets had already been published from 1982 to 2001. The content analysis of top-cited literature unveils diverse insights into dividend announcements' effects on financial markets. Contagion effects negatively impact non-announcing banks, particularly larger ones. Dividend maintenance affects stock market momentum, influencing loser returns. While current dividend/earnings news may not predict future company performance, information content dominates bond market reactions to post-dividend announcements. Concomitantly, while financially constrained firms exhibit short-term gains but worse long-term performance following dividend increases, larger stock dividends send stronger market signals in China. Originality/value: This study significantly contributes to the bibliometric and content analysis literature by analyzing the sample documents based on the sample examined. To the best of the authors' knowledge, no previous bibliometric study in this domain has been conducted to explore the markets (developed and emerging) to which the samples examined belong and the quality of publications from developed and emerging markets. [ABSTRACT FROM AUTHOR]

Over the past four decades, China's real estate industry has experienced rapid growth, accompanied by frequent regulatory interventions. These shifts present an ideal context for examining the characteristics of private equity placements (PEPs) under varying industrial policy environments. This study examines the PEPs of Chinese real estate firms from 2006 to 2023, calculating the cumulative abnormal returns during announcement periods and the transaction discounts across various regulatory phases. The analysis reveals significant positive announcement effects, even in times of policy tightening, with these effects becoming more pronounced during periods of policy relaxation. However, regression analyses suggest that the policy environment does not significantly impact the announcement effects. Contrary to traditional views, PEP discounts tend to be shallower during policy tightening and deeper during policy loosening. Further analysis indicates that investors are willing to accept smaller discounts in exchange for more valuable investment opportunities. [ABSTRACT FROM AUTHOR]

Patents play a vital role in securing technological competitiveness for companies. Acquisition of such means the definitive acquisition of exclusive rights that substantially contribute to the improvement of firm value, so it is appropriate to observe changes in firm value. This study examines the change in firm value according to the announcement of patent acquisition based on data disclosed by companies from February 2009 to January 2017, when the acquisition of patent rights was changed from ad-hoc disclosure to voluntary disclosure. After estimating the abnormal return through the market model of the event study methodology, the factors affecting firm value were analyzed through regression analysis with the cumulative abnormal return as a dependent variable. The main empirical analysis results of the study are as follows. First, in the patent application, the average abnormal return appears positive before the announcement, and then the AAR turns negative on D-0. As for patent acquisition, the AAR appears positive on D-0 and then turns negative after the announcement. Before it is officially announced, information about a patent application is already reflected in stock prices by market forecasts or insider trading, while the information about patent acquisition is reflected in stock prices at the time of public announcement. There is a difference in the reaction time of investors in the stock market depending on patent application and patent acquisition. In particular, although a patent acquisition announcement is self-disclosure, investors still perceive a company's patent acquisition as useful information, which eventually enhances firm value. Second, because of the identifying factors that affect firm value, significant differences were found in firm value depending on the country in which a patent was obtained. As for corporate characteristics, the lower the R&D expense, the leverage ratio, and the operating profitto- sales ratio, the higher the firm value whereas the higher the beta, the higher the firm value. [ABSTRACT FROM AUTHOR]

This study examines the impact of employee stock ownership plans (ESOPs) on stock‐price informativeness in Chinese stock markets. Its findings indicate that firms implementing ESOPs experienced an average 11.89 percent increase in stock‐price informativeness. The plans improved stock‐price informativeness through increased external attention and supervision. An event study shows that ESOPs gave rise to an announcement effect, driven by anticipated performance improvements and the novelty associated with ESOPs. A mechanism analysis demonstrates that the implementation of ESOPs attracted market attention, and the increased market supervision resulting from this mitigated the moral hazards of management associated with ESOPs. Plans with more positive signals exerted a greater influence. Notably, ESOPs that prioritized management incentives gained more recognition in the market. As the incentive effects of ESOPs were weaker than those of equity incentive plans and the ESOPs lost novelty over time, the annual announcement effect diminished gradually. These findings underscore the necessity of strengthening ESOP incentives for continued optimization of price efficiency. [ABSTRACT FROM AUTHOR]

Over the past four decades, China’s real estate industry has experienced rapid growth, accompanied by frequent regulatory interventions. These shifts present an ideal context for examining the characteristics of private equity placements (PEPs) under varying industrial policy environments. This study examines the PEPs of Chinese real estate firms from 2006 to 2023, calculating the cumulative abnormal returns during announcement periods and the transaction discounts across various regulatory phases. The analysis reveals significant positive announcement effects, even in times of policy tightening, with these effects becoming more pronounced during periods of policy relaxation. However, regression analyses suggest that the policy environment does not significantly impact the announcement effects. Contrary to traditional views, PEP discounts tend to be shallower during policy tightening and deeper during policy loosening. Further analysis indicates that investors are willing to accept smaller discounts in exchange for more valuable investment opportunities.

The COVID-19 green certificates were introduced in many countries in 2021 to encourage vaccine uptake against the COVID-19 virus in order to reduce the spread of severe infection among the population, ensure the safety of cross-border movements, and facilitate the resumption of social life and economic activities. This study uses a single-group interrupted time series approach to examine the effect of the green certificate announcement on the first doses of the COVID-19 vaccine in 20 Italian and 18 French regions during the summer of 2021. The estimation results show that the green certificate announcement mitigated regional disparities in vaccine uptake. It persuaded undecided people to have their first doses of the COVID-19 vaccine, especially in regions lagging in the mass vaccination campaign. It was less effective in those regions where there was already a high level of vaccine protection. The announcement also proved to be an effective political strategy with which to increase the first-dose rates immediately, but not in the long term. [ABSTRACT FROM AUTHOR]

This article examines whether, and to what extent, the announcement of new urban regeneration plans has influenced residential property values in Ulsan, Korea, where state-led initiatives have recently taken place to revitalize urban core areas in a more incremental and participatory manner. This is accomplished by analyzing data for single-family residential properties sold from January 2014 to December 2016 in the Ulsan Metropolitan area. A sample of 7139 transactions is used for hedonic analysis with consideration of the detailed timing of plan information dissemination from the beginning of the planning process to the release of the final plan. The results showed that the urban regeneration strategic plan's release in December 2015 had a significant influence on the values of residential properties within and around the project sites, but this influence varied across neighborhoods. The effect of the plan release was found to be most significant in/around the project sites where residents showed a high level of willingness to participate. In these areas, price escalations were found to occur even before the release of the final plan, suggesting that appropriate planning interventions are required at early stages of urban regeneration projects to protect vulnerable groups of residents from potential displacement.

This article examines whether, and to what extent, the announcement of new urban regeneration plans has influenced residential property values in Ulsan, Korea, where state-led initiatives have recently taken place to revitalize urban core areas in a more incremental and participatory manner. This is accomplished by analyzing data for single-family residential properties sold from January 2014 to December 2016 in the Ulsan Metropolitan area. A sample of 7139 transactions is used for hedonic analysis with consideration of the detailed timing of plan information dissemination from the beginning of the planning process to the release of the final plan. The results showed that the urban regeneration strategic plan's release in December 2015 had a significant influence on the values of residential properties within and around the project sites, but this influence varied across neighborhoods. The effect of the plan release was found to be most significant in/around the project sites where residents showed a high level of willingness to participate. In these areas, price escalations were found to occur even before the release of the final plan, suggesting that appropriate planning interventions are required at early stages of urban regeneration projects to protect vulnerable groups of residents from potential displacement.

Introduction: Although it is generally believed that hosting international sporting events may have a positive economic impact on a country or a specific industry, few studies have explored the link between hosting international sporting events and the financial market in Taiwan. This study aimed to examine the impact of hosting Taipei 2017 Universiade on the abnormal returns of Taiwan’s stock market and event-related companies. Methods: This study used the event study method to analyze secondary data from the Taiwan stock market during the hosting announcement and hosting period of the Taipei 2017 Universiade and explore the impact of hosting international sporting events in Taiwan on the abnormal returns of sponsors and event-related companies. Results: The announcement of the hosting of Taipei 2017 Universiade had a positive effect in advance on event-related stocks, but the effect was short-lived. A stronger positive correlation was evident between the announcement effect and abnormal returns of the stock prices of large-scale event-related companies. The investment risk of Universiade-related stocks was lower than that of the broad-based stock market during the event, and Universiade-related companies with poorer financial performance had higher abnormal stock returns. However, Taipei 2017 Universiade had no significant effect on the abnormal returns of the official sponsors’ stock prices. Conclusion: The announcement and hosting of international sporting events can generate an expectation effect on stock prices and trigger portfolio redistribution, resulting in short-term positive signals for the stock price returns of event-related elements. Investors are able to receive excess returns by choosing event-related stocks as a portfolio for short-term investments during international sporting events. The results of this study also indirectly confirmed the inefficiency of Taiwan’s stock market. This study contributes to the literature and empirical evidence on the financial impact of hosting an international sporting event. Its findings could serve as a reference for sporting event managers and investors in investment decision-making. [ABSTRACT FROM AUTHOR]

We examine the economic effects of the Summer and Winter Olympic Games and the FIFA World Cup on the economies of host countries. We found that in the short run, hosting the Olympic Games has a significant positive announcement effect on the host country's equity market. Our results also revealed a positive effect on the stock market in non-G7 countries hosting a mega sporting event and an insignificant effect in G7 countries hosting such events, indicating that hosting a mega sporting event can provide additional momentum for developing or emerging economies. We did find, however, that while the countries hosting the Summer Olympic Games initially experienced significant positive GDP growth, the effect rapidly diminished after the event. Our results suggest that hosting a mega sporting event such as the Summer Olympic Games is most likely to result in a short-term positive economic momentum, however it hinders sustainable growth for the host countries' economies. [ABSTRACT FROM AUTHOR]

This paper looks into the role of announcement effect and liquidity effect in monetary transmission in Indian money market. It first looks into the impact of these two effects on the operational target that is, overnight call money market and then applies the same framework on other short term money market rates. The time period considered is from May 2011, when the new monetary policy framework was introduced till Feb 2021. The results show the presence of both the effects on the overnight call money rate and also on other short term rates. In addition to this, there is a presence of asymmetry in monetary transmission which is more prominent after fine-tuning of RBI's monetary operations. [ABSTRACT FROM AUTHOR]

Copyright of International Journal of Economic & Social Research is the property of Abant Izzet Baysal University, Faculty of Economics & Administrative Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Government relief aid policies are vitally important in response to disasters. Based on the literature on the politics of natural disasters, this article examines the effect on the election results of local governments' policy announcements in response to a pandemic. Using data from the 2020 Korean general election with the Instrumental Variable methodology, both the announcement and the provision of relief aid contributed to the victory of the ruling party's candidates. Management of both supply-side and demand-side relief aid policies affects election results. Lastly, the relationship between the announcement and the election is also affected by the characteristics of local governments (e.g. population size and partisanship). [ABSTRACT FROM AUTHOR]

Purpose – This paper aims to measure investors' perception of the rights issue announcement of publicly listed companies in five stock markets of Islamic countries. Then, these firms are grouped according to their debt level to examine whether abnormal returns are different from those that are highly leveraged. Moreover, Sharīʿah compatibility of firms is checked to understand if return anomaly shows different behaviour around rights issue announcement days. Design/methodology/approach – The analysis period includes the years 2010–2019, which includes 362 rights issue announcements. The event study methodology is applied to measure the level of impact that is triggered by the rights issue announcements. Hereafter, one-way ANOVA test is performed to identify whether there exists a difference among the sample groups according to their debt level. Findings – Findings suggest that rights issue announcements cause −3.90% fall in share prices on average for the whole sample. However, negative abnormal return is found significant only in Egypt and Turkey. Individual regression analysis results suggest that an increase in debt level worsens the return anomaly only in Egypt. This refers that the rights issue announcement is perceived as less favourable for highly leveraged companies compared to others in this country. Finally, Sharīʿah-compliant companies show better performance compared to non-compliant counterparts around the event dates. Originality/value – This paper is novel in evaluating market reaction during rights issue announcements in multiple Islamic countries. Also, to the best of the authors’ knowledge, this study is the first attempt to compare return behaviour of Sharīʿah-compliant and non-compliant firms around the rights issue announcements.

Purpose – The paper aims to measure the magnitude of the event-induced return anomaly around bonus issue announcement days in Turkey for recent years. Also, by describing the information content of these announcements with the current data, the study tries to find out the factors that cause return anomaly in Borsa Istanbul when firm boards release the bonus issue decision. Design/methodology/approach – The paper conducts event study methodology for detecting market anomaly around bonus issue announcements. For the pairwise comparison purpose, t-test and one-way ANOVA methods are applied to examine if abnormal returns vary according to the information content of the announcements. Findings – Announcement returns for bonus issues from internal resources outperform the issues that are distributed from last year's net income as bonus shares. Findings indicate different return behaviour among internal resources sub-groups. Findings also suggest that investors in Turkey welcome larger-sized issues, while cumulated returns for the initial offers significantly differ from the latter issues. Research limitations/implications – Findings are limited to the Turkish equity market. Also, the Public Disclosure Platform of Turkey, which is the main data source of the study, does not provide bonus issue announcements before 2010. Therefore, the previous year's data cannot be included in the analysis. Originality/value – This paper is novel in terms of considering the main resources of the bonus issue in detail to measure the announcement's impact on stock returns.

Vehicle ownership restriction (VOR) is considered effective in reducing traffic congestion and air pollution. However, citizens manage to circumvent VOR by registering vehicles from other cities, undermining the effectiveness of VOR. To close the loophole, some cities introduced a non-local vehicle restriction (NLVR) policy with an announcement period prior to the official enforcement of NLVR. By taking Beijing, China as a case study, this paper quantifies the effectiveness of NLVR in patching VOR and explores citizens' adaptive behavioral response during the announcement period. A propensity score matching with difference-in-differences (DID) method is first adopted to quantify the new vehicle registrations in neighboring cities of Beijing. Then, a regression control method based on Lasso and a DID approach are used to isolate the causal effect of NLVR on air pollution. Finally, we investigate the announcement effect of NLVR on new vehicle registrations and air pollution, respectively. Our results suggest that NLVR has its intended effect of closing the loophole in Beijing's previously-enacted VOR. Average monthly new vehicle registrations in neighboring cities of Beijing drops by 3.4% and NO 2 concentration in Beijing decreases by 5.59 μ g / m 3 . During the announcement period, we observe a significant decrease in new vehicle registrations in neighboring cities, suggesting that potential buyers have refrained from purchasing new vehicles in anticipation of the forthcoming stringent NLVR. However, there is no notable decline observed in NO 2 concentration in Beijing. We recommend that policymakers should fully analyze the relationship between participants, foster regional cooperation on transport policies, and design a reasonable announcement period according to the policy's purposes. • Non-local vehicle restriction effectively closes the vehicle ownership loophole. • DID results show reduced new vehicle registrations in neighboring cities. • Potential buyers abstain from purchasing new vehicles before policy enforcement. • No notable NO 2 decline in Beijing during the announcement period. • Employing RCM based on Lasso, a cutting-edge policy evaluation method. [ABSTRACT FROM AUTHOR]

Copyright of Review of Social Sciences is the property of National Chengchi University, College of Social Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In early August 2005, a subset of investors in 14 of the 25 districts of Seoul were paying taxes on housing capital gains based on increases in market values since purchase, but in the other 11 districts the gains were based on increases in assessed values. Because market values exceeded assessed values, investors in the latter districts were paying a lower effective tax rate. On August 31, the South Korean government announced that as of the start of 2007 investors in these 11 districts would also be taxed on market value gains. But, in fact, the taxation at market value became the rule in all districts prior to 2007. We test for whether the announcement and the subsequent acceleration of the higher taxation had impacts on house prices, using both a spatial equilibrium model and a three-factor vector autoregression model. We find that the acceleration lowered house prices by about 10 %. [ABSTRACT FROM AUTHOR]

This paper studies natural gas futures returns on EIA storage announcement days. More than 50% of the annual return is earned on these days. We find a significant difference between announcement and non-announcement day returns, which cannot be explained by the announcement surprise or other control variables. At the intraday level, the return splits half into a pre- and post-announcement part. The pre-announcement return is entirely generated on days when storage levels exceed analysts' expectations casting doubt on explanations based on informed trading. After transaction and funding cost, a simple trading strategy yields substantial returns. [ABSTRACT FROM AUTHOR]

The main purpose of the paper is to measure market reaction to rights issue announcements in Borsa İstanbul. Also, the study aims to examine the factors behind the market reaction. The event study methodology is conducted to analyse the announcements made between 2010-2019 retrieved from Public Disclosure Platform (PDP). Consistent with the existing literature, a negative market reaction to the rights offering announcements is detected. However, the market reaction turns to be positive when firms apply for private placements. The negative reaction is also eliminated when firms apply bonus issues simultaneously with rights issues. The study provides evidence regarding the validity of information asymmetry and pecking order theory for Borsa Istanbul for the case of rights offerings. In addition, the announcement content of PDP announcements allows us to investigate the factors that may trigger the market reaction. However, we cannot document any difference for the market reaction according to commitment type, the use of proceeds, industrial classification and issue sequence. The paper's originality can be attributed to investigating the information content of PDP announcements with the current data regarding the rights offerings and its market reaction. [ABSTRACT FROM AUTHOR]

Bu çalışmanın amacı, BİST’de işlem gören şirketlere ait verileri kullanarak temettü duyurularının hisse senedi getirilerine olan etkilerini incelemektir. Bu amaçla 2009-2014 yılları arasında toplamda 136 şirketin 548 temettü duyurusu kullanılmıştır. Bu duyuruların duyuru günü civarında oluşturulan olay pencereleri vasıtasıyla hisse senedi getirilerine olan etkisi regresyon analizi ile test edilmiştir. Çalışmada, nakit temettü, hisse temettü ve melez temettü dağıtım biçimleri için ayrı analizler yapılmıştır. Nakit temettü analizinden elde edilen bulgulara göre, nakit temettü duyurusunun yapıldığı gün ve sonrasındaki günlerde temettü verimi ile anormal getiriler arasında anlamlı ve pozitif bir ilişki olduğu tespit edilmiştir. Bu ilişki, duyuru gününde başlamakta ve ilk iki gün içerisinde en anlamlı seviyesine ulaşmakta ve bu bilginin fiyata dönüşme süreci anlamlı bir şekilde en az 15 gün süresince devam etmektedir. Hisse temettü ve melez temettü için yapılan analizlerde anlamlı sonuçlara ulaşılamamıştır. Yatırımcılar, duyuru günü ve çevresindeki günlerde hisse senedi ve melez temettü duyurularına karşı kayıtsızdırlar. Bütün analizlerde duyuru günü öncesinde anlamlı ilişkiler kurulamamıştır. Dolayısıyla, fiyatlara etki edebilecek önemli bir bilgi olan temettü bilgisinin şirket içerisinden piyasaya önceden sızdırılmadığı ve içerden öğrenenler ticaretinin (insider trading) olmadığı sonucuna varılmıştır.

Purpose of the article: Management has traditionally used financial information for strategic decision-making. This study investigates the value relevance of financial information contained in earnings per share and operating cash flow per share for strategic decision-making and hence performance. It utilized secondary data extracted from annual reports and accounts of fortythree (43) listed firms on the Nigerian Stock Exchange over the period of 2006-2017. Methodology/methods: The collected data were subjected to analysis using the non-linear symmetric Generalized Autoregressive Conditional Heteroscedasticity (GARCH (1 1)) model, which is capable of handling time varying properties of financial time series to measure the statistical significance of the association between the variables of interest. Scientific aim: The paper is aimed at empirically investigating the value relevance of financial information to ascertain its potency for handling strategic decisions of listed firms in Nigeria. This is to digress from the contextual factors in the decision-making process and construct an integrated link between value relevance research and strategic management. Findings: The study found that earnings per share and operating cash flow per share are individually and jointly value relevant in strategic decisions and performance. Conclusion: It is necessary to pay attention to the financial information system of an organization to enhance the quality of services it can provide to strategic management. It is necessary to pursue the fundamental quality of relevance that guarantees predictive, materiality and confirmatory values and enhancing quality that measures usefulness by both management and regulators. [ABSTRACT FROM AUTHOR]

This study analyzes to what extent the announcement on 9/18/2015 of the VW diesel emissions scandal affected house prices in the vicinity of Chattanooga, TN, the location of the only VW production plant in the United States at that time. We examine the impact of the announcement with house transactions data for the 3 years from 2014 to 2016. We explore a number of alternative methods, including a permutation test, to tie down causation. Our results indicate that the brunt of the negative impact occurred 61 to 90 days after the announcement, with no statistically significant negative effects after 90 days. Although the average price discount for the study area is modest at about 3% to 4.5%, the effect tends to be significantly larger for locations closer to the VW plant. However, geographical distance has a distinctly non-linear influence on the price discount. [ABSTRACT FROM AUTHOR]

In February 4, 1994 the Federal Reserve began the practice of announcing changes in the targeted level for the federal funds rate immediately after such decisions were made. This paper investigates to what extent the policy of "the announcement" affected a key ingredient in the monetary transmission mechanism: the term structure of nominally risk-free, Treasury securities. We find that term rates react much more in unison during announcement days than at any other time. Moreover, the practice of circumscribing almost all changes in the federal funds rate target to Federal Open Market Committee (FOMC) meeting dates regiments the formation of market expectations in the overnight rate and the price discovery process of term rates, thus facilitating the Fed's goal of controlling long-term rates. [ABSTRACT FROM AUTHOR]

Forecasting of LME (London Metal Exchange) nickel prices remains an interesting topic but lacks consensus. This study aims to fill knowledge gaps by demonstrating the announcement effect of export bans by the Indonesian government. This article focuses on Indonesia because Indonesia produces more than 60% of global nickel ore. We identified the sequence of two episodes in which Indonesian export bans of nickel ore appeared to increase LME nickel prices. The impact of the Indonesian export ban in 2014 is somewhat larger than that of 2019. The shock on the LME nickel market in 2014 was sustained for a while after the ban was implemented. We believe that this is the first export ban that has had unexpected effects within the market.

• This paper examines the announcement effect of exchangeable bonds issuance. • This paper investigates the determinants of announcement effect. • This paper uses the event study and the BMA respectively. • The results suggest that there is a significantly positive effect on the stock price. • The results also show that the stock price effect is positively related to the relative size. This paper examines the announcement effect of exchangeable bonds and its determinants by utilizing the event study and the BMA respectively and by employing the data from Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) during 2013 and 2017. The results suggest that there is a significantly positive effect on the stock price on day 3 after the announcement based on the full sample and for the event window (1,3) based on the sample from SSE. The results also show that the announcement effect is positively related to the relative size of issuance based on the full sample. [ABSTRACT FROM AUTHOR]

Abstract We use a spatio-temporal autoregressive difference-in-differences (SDID) framework to assess the strength of announcement effects associated with an urban development on house prices over time and across locations. The quasi-natural experimental setting of a large-scale urban redevelopment project in Seoul, South Korea, announced in 2007 and cancelled six years later without any construction having taken place, allows us to cleanly disentangle the announcement affect from the actual development effect. Using more than 21,000 apartment transactions between 2006 and 2015, we find that the development announcement increases apartment prices between 2.4% and 7.3% for properties within 1 km radius of the project site. However, for buildings beyond 1 km, the effect becomes negative suggesting spatial redistribution of housing demand. The cancellation of the project leads to a significantly decline in prices between 3.5% and 5.2% for apartments within 1 km from the project site nearly cancelling the associated positive effects. We find that properties which are located around the project site but are not in direct proximity actually have a significant price cut after each announcement. Overall, we show that announcement and cancellation of development projects have a significant impact on residential property prices near the site but vary considerably in strength and direction across space. [ABSTRACT FROM AUTHOR]

This paper examines whether information conveyed by private equity placement decisions transfers to non-applying companies within the same industry. In particular, it investigates the impact of a company's announcements of the application for, withdrawal, rejection, approval and completion of private equity placement, while examining the cross-sectional differences of the market performance of their industry counterparts, both in the short- and long-term. It was found that an intra-industry reaction exists; competitors experience a decrease in stock prices in response to the announcement of the application for, approval and completion of private equity placement and an increase in stock prices around the announcement of the withdrawal or rejection of applications. Further, it was found that competitors experience a decrease in their long-term stock performance following private placements. A higher discount on private equity placement is detrimental for private equity (P.E.) issuing companies in the long-term. This study, therefore, provides evidence of the existence of a contagion effect in the long-term while a competitive effect dominates in the short-term. [ABSTRACT FROM AUTHOR]

As higher education policies are often associated with intense public spending, the evaluation and performance measurement of respective initiatives becomes increasingly crucial. An extensive and fruitful strand of literature has dealt with the assessment of university performance, yet mainly focused on point-in-time rather than period-of-time examinations. This study investigates the effects of Germany’s first Excellence Initiative, a political measure aimed at building up world-class universities to be able to compete in the globalizing research world. Relying on both qualitative and quantitative measures, taking into account a 15-year period from 1998 to 2012, we analyze the selection process and how and whether the Excellence Initiative fulfilled its ambitious goals. Our results suggest that not the political initiative per se, i.e. the treatment, but the announcement of the treatment triggered diverging performance paths within the German higher education system, thus positively contributed to augmented research performance of the promoted universities. Based on these findings, we provide policy recommendations and avenues for future research. [ABSTRACT FROM AUTHOR]

Abstract: Firms added to the S&P 500 Index gain a competitive advantage over their non‐S&P 500 industry competitors. They experience positive stock valuation effects at the expense of competitors. The inclusion is associated with both reductions in financial constraints and the cost of equity and increases in capital investment for the newly added firms. When the increase in capital investment is greater, they gain more market share and enjoy better valuation effects. Rivals’ share price responses are negatively related to the announcement effect of the newly added firm. Deletions from the index, however, do not have symmetric effects. [ABSTRACT FROM AUTHOR]

This study probes into relationship between investor sentiment and cumulative abnormal returns (CAR) of share repurchase announcements, and it treats market return as threshold variable. By threshold regression model, it tries to find the effect of market situations on relation between investor sentiment and CAR. According to empirical result, in share market of Taiwan, investor sentiment can explain CAR. When share market is extremely pessimistic (market return lower than -16.0053%), relation between investor sentiment and CAR will change to some degree. In addition, relation between price risk of announcement company and CAR will disappear with the extremely pessimistic situation of market. [ABSTRACT FROM AUTHOR]

We document the impact of recommendations by a hugely influential Chilean pension advisor, H&L, on pension investments by individuals, domestic stock market outcomes, and pension fund manager investment strategies. Following H&L's retirement portfolio recommendations, pension investors shifted amounts that, in a week, often exceeded 100% of monthly domestic stock trading volume. The market believed the recommendations—domestic stock prices responded, but they did so without trade: the massive portfolio shifts did not generate abnormally-high trading volume. To accommodate H&L's impact, pension managers adjusted portfolio compositions, making them more similar, and shifted holdings of liquid assets rather than domestic stocks. • Happy and Loaded (H&L) was a massively popular pension advisor in Chile. • Followers of H&L shifted pension savings that, in a week, often exceed 100% of monthly domestic stock trading volume. • Domestic prices responded with abnormal returns the first trading day after recommendations. • Prices responded without abnormal trading volume. • Pension managers responded by altering the composition of portfolios, shifting liquid assets rather than domestic stocks. [ABSTRACT FROM AUTHOR]

This paper investigates the announcement effect of cash dividend changes on share prices listed on the Dhaka Stock Exchange (DSE). Standard event study methodology is used to investigate the effect of an event window of 3 to 3 days relative to dividend announcement date. Cumulative abnormal returns (CAR) have also been measured for a 41-day window around announcement date. This study finds that shareholders earn only normal return on the announcement of dividend increases and no changes. However, a significant positive abnormal return (AR) is observed in the preannouncement period for a dividend increase which indicates some kind of information leakage before the announcement is actually made. The announcement of dividend decrease results in a significant negative AR on the announcement day and persists even 20 days after the announcement. Significant ARs following dividend decrease announcement reveal DSE is not a semi-strong form of efficient market. [ABSTRACT FROM AUTHOR]

This study examines stock market reactions to public announcements (corporate bond rating changes), including changes in stock prices and investor behavior in terms of trading volumes and patterns. Abnormal returns, abnormal volumes, and net order imbalances are estimated using high-quality stock transaction data from Korean firms, whose bonds were rated by Korea's leading credit rating agencies between 2000 and 2015. We find positive (negative) abnormal stock returns around upgrades (downgrades), although the stock price reactions to downgrades are more statistically significant than those to upgrades. Significant abnormal volumes and order imbalances are found around rating changes, and the extent to which each investor group (domestic individuals, domestic institutions, or foreign investors) reacts to a rating change varies. Our analyses also support that foreign and domestic institutional investors are better informed than individual investors. [ABSTRACT FROM AUTHOR]