Information technology and its impact on stock returns and trading volume
AbstractThis study investigates the impact of information technology on common stock returns and trading volume. By focusing mainly on the peak period of the hi-tech phenomenon, the findings imply that the market response to website launching is positive. During the event day and the two preceding days, the abnormal stock return and the abnormal trading volume both are positive and statistically significant. In particular, the impact is stronger for non-US firms than for domestic companies, for initial rather than subsequent site launches, for those sites that are launched on Monday rather than on other days of the week, and for innovative industries such as electronics and computers. As expected, while the launch of a website had a stronger effect at the beginning of the hi-tech phenomenon, the impact has diminished in later years. Copyright © 2009 John Wiley & Sons, Ltd.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by John Wiley & Sons, Ltd. in its journal International Journal of Finance & Economics.
Volume (Year): 15 (2010)
Issue (Month): 3 ()
Contact details of provider:
Web page: http://www.interscience.wiley.com/jpages/1076-9307/
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Kiymaz, Halil, 2001. "The effects of stock market rumors on stock prices: evidence from an emerging market," Journal of Multinational Financial Management, Elsevier, vol. 11(1), pages 105-115, February.
- Brown, Stephen J. & Warner, Jerold B., 1980. "Measuring security price performance," Journal of Financial Economics, Elsevier, vol. 8(3), pages 205-258, September.
- Durand, Robert B. & Koh, Shern-Wei & Ng, Hock Guan, 2003. "From gold to silicon," Journal of Multinational Financial Management, Elsevier, vol. 13(3), pages 273-286, July.
- Fong, Wai Mun & Yong, Lawrence H. M., 2005. "Chasing trends: recursive moving average trading rules and internet stocks," Journal of Empirical Finance, Elsevier, vol. 12(1), pages 43-76, January.
- Michael J. Cooper, 2001. "A Rose.com by Any Other Name," Journal of Finance, American Finance Association, vol. 56(6), pages 2371-2388, December.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or (Christopher F. Baum).
If references are entirely missing, you can add them using this form.