Information technology and its impact on stock returns and trading volume
This 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.
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Volume (Year): 15 (2010)
Issue (Month): 3 ()
Pages: 247-262
| Handle: | RePEc:ijf:ijfiec:v:15:y:2010:i:3:p:247-262 |
| Contact details of provider: | Web page: http://www.interscience.wiley.com/jpages/1076-9307/
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| Order Information: | Web: http://jws-edcv.wiley.com/jcatalog/JournalsCatalogOrder/JournalOrder?PRINT_ISSN=1076-9307 |
References listed on IDEAS
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- 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.
- 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.
- Werner Antweiler & Murray Z. Frank, 2004. "Is All That Talk Just Noise? The Information Content of Internet Stock Message Boards," Journal of Finance, American Finance Association, vol. 59(3), pages 1259-1294, 06.
- 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.
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