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The Trading Stock Valuation Adjustment: Some Extensions and Modifications

Author

Listed:
  • Michael J. Aitken

    (University of New South Wales.)

  • Terry S. Walter

    (University of New South Wales.)

Abstract

This paper seeks independent confirmation of the research conclusions reached by Sinclair and Whittred (1982) regarding a capital market reaction to the introduction of the Trading Stock Valuation Adjustment (TSVA). This analysis extends and modifies that research and uses the date of the subsequent withdrawal of the TSVA to test for evidence of any reversal impact on the stock prices of the firms initially affected. We are unable to document such evidence.

Suggested Citation

  • Michael J. Aitken & Terry S. Walter, 1985. "The Trading Stock Valuation Adjustment: Some Extensions and Modifications," Australian Journal of Management, Australian School of Business, vol. 10(1), pages 77-95, June.
  • Handle: RePEc:sae:ausman:v:10:y:1985:i:1:p:77-95
    DOI: 10.1177/031289628501000106
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    Keywords

    TSVA; MARKET EFFICIENCY; REVERSAL;

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