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The impact of banks' financial statements publication on their market capitalization (The B.S.E. Case)

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  • Ioan TRENCA
  • 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 three commercial banks listed on Bucharest Stock Exchange (B.S.E.): BRD, BCC and TLV. 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 54 events, being the significant impact of financial statements’ publication on banks’ stock prices.

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File URL: http://feaa.ucv.ro/FPV/007-14.pdf
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Bibliographic Info

Article provided by University of Craiova, Faculty of Economics and Business Administration in its journal Finance - Challenges of the Future.

Volume (Year): 1 (2008)
Issue (Month): 7 (May)
Pages: 96-104

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Handle: RePEc:aio:fpvfcf:v:1:y:2008:i:7:p:96-104

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Keywords: financial statement; market capitalization; stock price; event study methodology;

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