Business Finance in Less Developed Capital Markets

By Klaus P. Fischer; George J. Papaioannou | Go to book overview
usually the case during the sample years, then since there was a larger number of cases of bad news than of good news on trade talks, the statistical relationship would be even stronger than presently claimed.
5.
The Z value is calculated with the following formula:

,

where

n = total number of events,

X = number of positive correlations, and

p = 0.5.

The calculated Z value is 2.872,

, greater than Z0.05 = 1.645.

6.
Z = 2.895, greater than Z0.05 = 1.645.
7.
For the third test, Z = 1.722, greater than Z0.05 = 1.645; for the fourth test, Z = 1.640, greater than Z0.10 = 1.282.

REFERENCES

Ball R., and P. Brown. ( 1968). "An Empirical Evaluation of Accounting Income Numbers." Journal of Accounting Research, Autumn, 159-178.

Bradley J. ( 1980). "Interfirm Tender Offers and the Market for Corporate Control." Journal of Business 53, no. 4: 345-376.

Copeland T. E., and J. F. Weston. ( 1983). Financial Theory and Corporate Policy. Reading, Mass.: Addison-Wesley.

Cosset Jean-Claude, and Bruno Doutriaux de la Rianderie. ( 1985). "Political Risk and Foreign Exchange Rates: An Efficient Markets Approach." Journal of International Business Studies, Fall, 21-55.

Fama E. F., L. Fisher, M. C. Jensen and R. Roll. ( 1969). "The Adjustment of Stock Prices to New Information." International Economic Review, February, 1-21.

Hillmer S. C., and P. L. Yu. ( 1979). "The Market Speed of Adjustment to New Information." Journal of Financial Economics 7 (December): 321-345.

Lin C. P. ( 1971). "Information Contents in the Financial Statements of Public Companies in Taiwan." Master's thesis, National Taiwan University, Taipei, June (in Chinese).

Lin Y. T. ( 1985). "Modern Investments: Institution, Theory, and Practice" (in Chinese). 3rd ed. Taipei: San-Min Publishing.

Niederhoffer V. ( 1971). "The Analysis of World Events and Stock Prices." Journal of Business 44, no. 2 (April): 193-219.

Palmon D., and M. I. Schneller. ( 1980). "The Relationship between Securities Abnormal Price Movements and Wall Street Journal News." Journal of Banking and Finance 4: 235-247.

Scholes M. S. ( 1972). "The Market for Securities: Substitution versus Price Pressure and the Effects of Information on Share Prices." Journal of Business (April): 179-211.

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