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Launching a corporate website and market efficiency

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Author Info
Daphna Shwarts-Asher
Uri Ben-zion
Shaul Gabbay
Joseph Yagil
Abstract

Using an event study analysis, this paper investigates the effect of launching a website on corporate stock returns. We find that for domestic firms (traded in the US) the effect on returns is not statistically significant. However, for foreign stocks traded on US capital markets the effect is generally positive and statistically significant. For such firms, which are smaller than their US counterparts, the Internet contributes to their exposure and increases their profit prospects.

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Article provided by Taylor and Francis Journals in its journal Applied Financial Economics.

Volume (Year): 16 (2006)
Issue (Month): 7 (April)
Pages: 551-559
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Handle: RePEc:taf:apfiec:v:16:y:2006:i:7:p:551-559

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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.:
  1. Ferre, Montserrat & Hall, Stephen G, 2002. "Foreign Exchange Market Efficiency and Cointegration," Applied Financial Economics, Taylor and Francis Journals, vol. 12(2), pages 131-39, February. [Downloadable!] (restricted)
  2. Hogan, Steve & Jarrow, Robert & Teo, Melvyn & Warachka, Mitch, 2004. "Testing market efficiency using statistical arbitrage with applications to momentum and value strategies," Journal of Financial Economics, Elsevier, vol. 73(3), pages 525-565, September. [Downloadable!] (restricted)
  3. William J. Wilhelm & Alexander Ljungqvist, 2002. "IPO Pricing in the Dot-com Bubble," OFRC Working Papers Series 2002fe07, Oxford Financial Research Centre. [Downloadable!]
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This page was last updated on 2009-10-29.

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