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The Impact Of Financial Statements Announcements On Stock Prices At Bse

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  • Adrian Zoicas-Ienciu

    (Babes-Bolyai University, Cluj-Napoca)

Abstract

Conceived as an empirical study, the paper investigates investors’ behavior as a reaction to the publication of financial statements by the main companies listed on Bucharest Stock Exchange (B.S.E.). Starting from the general framework of an event study analysis (ESA), the empirical research is doubled by two personal contributions to the ESA methodology represented by a parameters’ generalization module and one for optimizing internal variables. This modified methodology was run using personally-developed software (EvStud1.1), the main conclusion, inferred from a sample of 313 events, being the significant impact of financial statements’ publication on stock prices.

Suggested Citation

  • Adrian Zoicas-Ienciu, 2008. "The Impact Of Financial Statements Announcements On Stock Prices At Bse," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 11(11(528)(s), pages 211-219, November.
    • Handle: RePEc:agr:journl:v:11(528)(supplement):y:2008:i:11(528)(supplement):p:211-219
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