The IRMA Community
Newsletters
Research IRM
Click a keyword to search titles using our InfoSci-OnDemand powered search:
|
Investors' Reactions to the Announcement of New Constituents of BIST Sustainability Index: An Analysis by Event Study and Mean-Median Tests
|
Author(s): Levent Çıtak (Erciyes University, Turkey), Veli Akel (Erciyes University, Turkey)and Ersan Ersoy (Nevşehir Hacıbektaş Veli University, Turkey)
Copyright: 2018
Pages: 20
Source title:
Value Sharing for Sustainable and Inclusive Development
Source Author(s)/Editor(s): Mario Risso (Niccolò Cusano University, Italy)and Silvia Testarmata (Niccolò Cusano University, Italy)
DOI: 10.4018/978-1-5225-3147-0.ch012
Purchase
|
Abstract
This study investigates the reaction of investors to the announcement of firms included in BIST Sustainability Index. Stock returns of BIST 50 firms, which are also constituents of BIST Sustainability Index, with those of BIST 50 firms that could not qualify for inclusion in BIST Sustainability Index, are compared. Based on mean/median tests, no significant difference between various returns of two groups of firms is found. Except for interval 0 to +4 days, the findings of event study indicates no significant abnormal returns for BIST Sustainability Index Constituents in the event window of 10 days surrounding the announcement day, but indicates significant positive cumulative abnormal returns for intervals 0 to +4 days, 0 to +5 days, 0 to +7 days, 0 to +8 days, 0 to +9 days and 0 to +10 days, which is an indication that investors valued the BIST Sustainability Index Constituents a few days after the announcement by investing in the stocks of these firms.
Related Content
Mukul Bhatnagar, Nitin Pathak.
© 2024.
16 pages.
|
Mitushi Singh, Mukul Bhatnagar.
© 2024.
32 pages.
|
Vikas Sharma, Sanjay Taneja, Kshitiz Jangir, Kirti Khanna.
© 2024.
15 pages.
|
Preet Kanwal.
© 2024.
17 pages.
|
Kapil Sharma, Yogesh Kumar, Rajiv Khosla, Sanjay Taneja.
© 2024.
16 pages.
|
Sanjeev Kumar, Mohammad Badruddoza Talukder, Firoj Kabir, Fahmida Kaiser.
© 2024.
15 pages.
|
K. K. Kishore Mishra, Swati Priya, Syed Sajid Hussain, Swati Gupta.
© 2024.
17 pages.
|
|
|