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Do structural break tests identify capital increase?

Author

Listed:
  • Maria-Lenuta CIUPAC-ULICI

    („Babes-Bolyai” University, Cluj Napoca)

Abstract

In recent years, many researchers have focused on the study of increasing capital. More specifically, the purpose of these studies was to measure the impact on the course announcement of the capital stock, and hence the market value of the issuing company. Zivot - Andrews test was applied to see if the structural break date coincides with the official date of the share capital increase. The test was applied on 21 companies listed on Bucharest Stock Exchange. The identified break date does not coincide with the test date for any of the companies analyzed.

Suggested Citation

  • Maria-Lenuta CIUPAC-ULICI, 2012. "Do structural break tests identify capital increase?," Finante - provocarile viitorului (Finance - Challenges of the Future), University of Craiova, Faculty of Economics and Business Administration, vol. 1(14), pages 114-120, December.
  • Handle: RePEc:aio:fpvfcf:v:1:y:2012:i:14:p:114-120
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    More about this item

    Keywords

    stock price behaviour; strucrural break; Zivot-Andrews test;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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