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

Author

Listed:
  • 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.

Suggested Citation

  • Ioan TRENCA & Adrian ZOICAS-IENCIU, 2008. "The impact of banks' financial statements publication on their market capitalization (The B.S.E. Case)," Finante - provocarile viitorului (Finance - Challenges of the Future), University of Craiova, Faculty of Economics and Business Administration, vol. 1(7), pages 96-104, May.
  • Handle: RePEc:aio:fpvfcf:v:1:y:2008:i:7:p:96-104
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    File URL: http://feaa.ucv.ro/FPV/007-14.pdf
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    More about this item

    Keywords

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

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access

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