STOCK MARKET REACTION TO THE ANNOUNCEMENT OF TOP MANAGEMENT CHANGES: PRELIMINARY FINDINGS FROM THE DAMASCUS SECURITIES EXCHANGE (DSE).
Journal Title: International Journal of Advanced Research (IJAR) - Year 2018, Vol 6, Issue 3
Abstract
The aim of this study is to examine the stock market reaction to the announcements of top management changes in the Damascus Securities Exchange (DSE). All announcements made by firms listed on the DSE from June 2010 to June 2017 were hand collected and only those related to top management changes and met the selection criteria were included in the sample. Following an event study methodology with different event windows, the results indicate positive abnormal returns and positive and significant cumulative abnormal returns in most of the days of the event window related to top management resignations. Surprisingly, the analysis of the trading volume reaction to top management resignations reveals negative and significant abnormal trading volumes over the event window. This could be due to the high asymmetry information associated with such type of announcements. Unlike the announcements of top management resignations, the announcements of top management appointments were not associated with any significant abnormal returns or cumulative abnormal returns. This does not appear to be driven by the equal dominance of the real and information component of the announcement as the abnormal trading volumes related to top management appointments were mainly negative and insignificant. The results, thus, suggest that the announcement of top management appointments has no information content to investors in the DSE.
Authors and Affiliations
Zeina Al-Ahmad.
Keywords
Related Articles
- EP ID EP288004
- DOI 10.21474/IJAR01/6901
- Views 47
- Downloads 0
A PRE AND POST TEST STUDY TO EVALUATE THE EFFICACY OF VIBHEETAKYADI MASHI ANJANA IN THE MANAGEMENT OF SUKLARMA (PTERYGIUM).
Background: Suklarma is a soft uniform growth of Mamsa (fleshy growth) inwhite portion of eye that grows slowly to Krishna Mandala (Cornea). It can be compared with Pterygium in modern ophthalmology. The World wide preva...
EFFICACY OF THE COMPREHENSIVE TREATMENT OF GNATHOLOGICAL SPLINT THERAPY AND ORTHODONTICS IN PATIENTS WITH TEMPOROMANDIBULAR JOINT DYSFUNCTION OF OCCLUSAL ETIOLOGY.
Temporomandibularjointdysfunction (TMD) ispresent in 50% of theworldpopulation, itschronicity and progressiontoseverestages, affectthequality of life of patientswhosufferfromit and compromisethestability and functionalit...
GRAVITATIONALLY POTENTIAL OF SCALARIZED NEUTRON STAR BINARIES IN A COVARIANT QUANTIZATION TREATMENT.
We resor to the covariant quantization treatment and investigate the long-distance, low-energy, leading quantum corrections to gravitational potential for scalarized neutron star (NS) binary systems, by treating general...
RELIABILITY AWARE MECHANISM TO ENSURE INCREASED FAULT TOLERANCE USING TEMPERATURE DRIVEN THROTTLE LOAD BALANCER.
Cloud computing provides resources to the machines having limited resources associated with them. Cloud resources although are infinite but still lacks as the users of the cloud increases day by day. Early completion of...
AWARENESS OF PEOPLE ABOUT MISUSE AND SELF-MEDICATION WITH ANTIBIOTICS IN HAIL REGION, KSA.
Background: The misuse of antibiotics is a major public health problem. This misuse results in another major problem which is bacterial resistance to many known antibiotics. This problem rather than being global, it is a...