In model (1), we find that the average announcement effect
for government director appointments is, on average, 1.0% lower than that for nongovernment director appointments.
Using a sample of private placements made on the Korean Securities Dealers Automated Quotations (KOSDAQ) from January 2000 to December 2010 and limiting it to only include first Secondary Equity Offerings (SEOs), this study examines the relationship between the announcement effects
of equity private placements and lock-up and/or discount signals sent by distressed firms as well as healthy ones.
Keywords : Corporate governance, Event Study, Announcement effects
, Stock price, Agency theory
Empirical results show that both natural gas and heating oil's announcement day is significantly positive, suggesting that a storage report announcement effect
exists, which is consistent with the literature.
The level of interest-rate increase from the announcement effect
could be largely reversed, according to Youngblood.
Gupta (2007) provided evidence that there is no announcement effect
associated with stock splits in India though there does exist a pronounced ex- day effect.
Conservatives demand fiscal austerity, the announcement effect
of which will somehow attract global capital.
If there is significant announcement effect
of the stock prices, the null hypothesis of equal mean is rejected in favour of alternative hypothesis of equal mean.
This pattern would not be anticipated if the announcement effect
were purely due to price pressure.3
The solution proposed by Van Rompuy by changing Protocol 12 could have "an announcement effect
knowing full well that this appeal might be deemed inadmissible by the Court.
Recently, CLR have presented evidence from a six-factor term structure model that indicates that the announcement effect
of the TAF had a very large effect on the LIBOR rate.
(The G-7) rather aimed to have an announcement effect
,'' he said, referring to the possible impact on markets, which could discourage investors from betting on the yen one-sidedly.